- The Bitcoin (BTC) price has started a steady decline, and has fallen below the $24,650 and $24,500 levels.
- If BTC is able to close above the $24,450 and $24,500 resistance levels, it could lead to a price increase.
- BTC is currently trading at $24,352.07.
The Bitcoin (BTC) price has started a steady decline and has fallen below the $24,650 and $24,500 levels. This means that BTC is now in a short-term bearish zone.
In addition to this, BTC broke below the $24,00 level and the 100 hourly simple moving average to trade as low as $23,673. This means that the immediate resistance for BTC now rests at $24,000.
On the BTC / USD hourly chart, a key bearish trend is also forming close to $24,020. This means that the first major resistance is now located near the $24,250 level and the 100 hourly simple moving average. The next key resistance will be close to $24,450.
On the other hand, if BTC is able to close above the $24,450 and $24,500 resistance levels, it could lead to a price increase. If this is the case, the price could climb towards the $25,000 resistance. In an extreme case, the price could even climb to $25,800.
In contrast to this, if the BTC price fails to rise above the $24,450 resistance, the price could continue on its downward trend.
The next major support now rests near $23,450. If the BTC price breaks below this point, it could put more pressure on the bulls. This could then lead to the BTC price dropping to $22,750.
According to CoinMarketCap, BTC is currently trading at $24,352.07 after a 1.42% increase over the last 24 hours. BTC is also up 5.99% over the last week.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinEdition. No information in this article should be interpreted as investment advice. CoinEdition encourages all users to do their own research before investing in cryptocurrencies.
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