The price of bitcoin made a new attempt to climb higher than the $24,200 resistance level. Even more impressively, BTC managed to break through the $24,500 resistance zone and the 100 hourly simple moving average.
On the other hand, there was no continuation to the upward above $24,500. A new high was established close to $24,602, and the price started to drop once more. After a precipitous drop below $24,000, the market once again attempted to find support in the zone around $23,600. A bottom has been established close to $23,615, and the price is currently consolidating.
The price of bitcoin is currently trading lower than $24,500 and below the 100-hourly simple moving average. In the hourly chart of the BTC/USD pair, another bearish trend line is forming with resistance near $24,120. This trend line is also visible.
Around the trend line zone and $24,100 is where an immediate resistance might be seen. It is quite close to the 50% Fib retracement level of the recent drop, which began at the swing high of $24,602 and ended at the low of $23,615. The first significant barrier to overcome is still located close to the zone around $24,500 and the 100 hourly simple moving average.
The following significant barrier to passage might be found at $24,840 or at the 1.236 Fibonacci extension level of the recent fall from the swing high of $24,602 to the low of $23,615. If the price is able to break decisively over the $24,840 resistance level, it may move closer to the critical $25,000 barrier zone.
If the price manages to close over the $25,000 resistance level, this may signal that further gains are likely in the near future. Under the scenario described, there is a chance that the price will move closer to the $26,200 mark.
If the price of bitcoin is unable to break through the resistance level of $24,500, it is possible that it will continue to trend down. The region around the $23,600 zone provides short-term support for the market.
The region around $23,500 is the next significant area of support. In the event that there is a break to the downside, the price may move closer to $22,000. The area close to $21,500 is the next significant level of support.
