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Bitcoin Price Fails Again, What Could Trigger A Nasty Correction

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

Bitcoin price failed again to clear the $25,000 resistance. BTC is moving lower and might soon test the $23,000 support zone.

  • Bitcoin is still facing many hurdles near the $25,000 resistance zone.
  • The price is trading below $24,400 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $24,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline sharply if there is a clear move below the $23,000 support zone.

Bitcoin Price Corrects Lower

Bitcoin price attempted another upside break above the $25,000 resistance zone. However, BTC bears were active near the $25,000 zone. A high was formed near $25,120 before the price started a fresh decline.

There was a clear move below the $24,800 and $24,500 levels. The price declined below the 76.4% Fib retracement level of the upward wave from the $23,868 swing low to $25,118 high. Besides, there was a break below a major bullish trend line with support near $24,350 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below $24,400 and the 100 hourly simple moving average. It is slowly approaching the last swing low near $23,868.

On the upside, an immediate resistance is near the $24,200 level. The next major resistance is near the $24,600 zone and the 100 hourly simple moving average. A clear move above the $24,600 resistance might send the price towards the key $25,000 resistance zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $25,000 resistance is must for a steady increase. In the stated case, the price may perhaps rise towards the $26,200 level.

More Losses in BTC?

If bitcoin price fails to clear the $24,600 resistance, it could continue to move down. An immediate support on the downside is near the $23,850 zone.

The next major support is near the $23,000 zone or the 1.618 Fib extension level of the upward wave from the $23,868 swing low to $25,118 high. If there is a downside break, the price might decline towards $22,200. The next major support is near the $22,000 level.

Technical indicators:

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

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

Major Support Levels – $23,850, followed by $23,000.

Major Resistance Levels – $24,200, $24,600 and $25,000.

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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