The price of Bitcoin is now trading at a level that is higher than $23,300 and the 100 hourly simple moving average. In the hourly chart of the BTC/USD pair, you can see that a short-term declining channel is formed, and there is resistance located at $23,450.
An immediate barrier may be seen in the region about $23,450. The first significant obstacle is located close to the zone of $23,650. It is also close to the 76.4% Fib retracement level of the latest drop, which began at the swing high of $23,885 and ended at the low of $23,042. If price manages to break decisively over the $23,650 resistance level, there is a good chance that it will continue climbing towards the $24,000 barrier zone.
The next important barrier to overcome is located close to the $24,400 zone. The price may enter a positive zone if it manages to close higher than the $24,400 resistance level. Given the scenario described, there is a chance that the price will advance towards the barrier at $25,200.
If the price of bitcoin is unable to break through the resistance level of $23,650, it is possible that it could start another slide. The region around the $23,250 zone provides short-term support for the market.
The region about $23,000 acts as the next important support. The most important support is located at $22,800, and if it is broken, there is a possibility that the price would move closer to $22,200. The area close to $22,000 acts as the subsequent significant support.
