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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

TA: Bitcoin Price Struggles Below $25K, Signs of Double Top Emerges

Mumtaz Batool
Mumtaz Batool
7 months ago
2 mins read
Bitcoin

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Bitcoin failed to clear the $25,000 resistance zone against the US Dollar. BTC is declining and might break the $23,250 support zone.

  • Bitcoin attempted a clear move towards the $25,000 resistance but failed.
  • The price is now trading below the $24,000 level and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $23,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $24,200 resistance to continue higher in the near term.

Bitcoin Price Signals Breakdown

Bitcoin price gained 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 attempted a clear move towards the $25,000 resistance but failed. A high was formed near $24,670 and the price started a fresh 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 $24,670 high. Besides, 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 protecting 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.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $24,200 resistance zone could set the pace for a fresh increase. In the stated case, the price may perhaps rise towards the $24,750 level. Online Pokies NZ. The next major resistance sits near the $25,000 level.

More Losses in BTC?

If bitcoin fails to clear the $24,200 resistance zone, it could start a downside correction. An immediate support 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 $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 – $23,240, followed by $22,800.

Major Resistance Levels – $23,750, $24,000 and $24,200.

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Mumtaz Batool
Mumtaz Batool

Mumtaz Batool

Mamtaz Batool is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2022. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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