Bitcoin price grew pace above the $23,500 resistance zone. There was a clear move above the $24,000 level and the price even broke the $24,500 level.
It endeavoured a clear move towards the $25,000 resistance but failed. A high was formed near $24,670 and the price started a new decline. There was a move below the $24,200 and $24,000 support levels to move into a short-term bearish zone.
Bitcoin declined below the 23.6% Fib retracement level of the upward move from the $20,696 swing low to the $24,670 high. In addition, there was a break below a key bullish trend line with support near $23,750 on the hourly chart of the BTC/USD pair.
The price is now trading below the $24,000 level and the 100 hourly simple moving average. The bulls are now shielding more losses below the $23,250 level.
On the upside, the price is facing resistance near the $23,750 level and the 100 hourly simple moving average. The next key resistance is near the $24,200 zone. It also seems like there is a double top pattern forming with resistance near the $24,200 level.
A close above the $24,200 resistance zone could set the pace for a fresh rise. In the stated case, the price may perhaps increase towards the $24,750 level. The next major resistance sits near the $25,000 level.
If bitcoin fails to clear the $24,200 resistance zone, it could start a downside correction. Immediate funding on the downside is near the $23,240 level.
The next major support now sits near the $22,750 level. It is near the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,670 high. Any more losses might send the price towards the $22,000 level.
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