Bitcoin price made another attempt to gain pace above the $25,000 resistance zone. However, BTC failed to continue higher above the $25,200 level and started a fresh decline.
There was a clear move below the $24,500 support zone. Besides, there was a break below a major bullish trend line with support near $24,550 on the hourly chart of the BTC/USD pair. The pair even broke the $24,000 support zone and traded as low as $23,867.
Bitcoin price is now trading below $24,500 and the 100 hourly simple moving average. It is slowly correcting higher and trading above the 23.6% Fib retracement level of the recent decline from the $25,190 swing high to $23,867 low.
On the upside, an immediate resistance is near the $24,550 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $25,190 swing high to $23,867 low.
The next major resistance is near the $25,000 zone. A clear move above the $25,000 resistance might resend the price towards the $25,200 resistance zone. A close above the $25,200 resistance might start another decent increase. In the stated case, the price may perhaps rise towards the $25,800 level. The next resistance could be near the $26,200 level.
If bitcoin price fails to clear the $24,550 resistance, it could continue to move down. An immediate support on the downside is near the $24,000 zone.
The next major support is near the $23,850 zone. If there is a downside break, the price might decline towards $23,500. The next major support is near the $23,380 level, below which the price might decline towards the $22,900 support.
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