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Bitcoin

Bitcoin Price Needs To Clear $24,000 For Hopes of a Fresh Rally

Aayush Jindal by Aayush Jindal
3 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price is still well below the $24,000 resistance. BTC must clear the $24,000 barrier to move into a bullish zone and start a fresh rally.

  • Bitcoin is still facing hurdles and trading below the $23,650 resistance zone.
  • The price is trading above $23,320 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $23,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh rally if it clears the $23,650 and $24,000 resistance levels.

Bitcoin Price Faces Resistance

Bitcoin price remained capped near the $23,650 and $23,950 levels. BTC attempted an upside break above the $24,000 resistance but failed. A high was formed near $23,977 and the price started a fresh decline.

There was a move below the $23,600 level. The price traded below the 50% Fib retracement level of the upward move from the $23,042 swing low to $23,977 high. However, the bulls were active near the $23,350 and $23,400 levels.

Bitcoin price is now trading above $23,320 and the 100 hourly simple moving average. It is also above the 61.8% Fib retracement level of the upward move from the $23,042 swing low to $23,977 high.

An immediate resistance is near the $23,550 zone. There is also a key contracting triangle forming with resistance near $23,600 on the hourly chart of the BTC/USD pair. The first major resistance is near the $23,650 zone. A clear move above the $23,650 resistance might start a steady increase towards the $24,000 resistance zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance is near the $24,200 zone, above which the price might move into a bullish zone. In the stated case, the price may perhaps rise towards the $25,200 resistance.

Fresh Decline in BTC?

If bitcoin price fails to clear the $23,600 resistance, it could start another decline. An immediate support on the downside is near the $23,350 zone.

The next major support is near the $23,050 zone. The main support sits at $22,800, below which the bears might gain strength and push the price to $22,200. The next major support is near the $22,000 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $23,000, followed by $22,800.

Major Resistance Levels – $23,600, $24,000 and $24,600.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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