Bitcoin price took a downturn after hitting $24,250. Subsequently, BTC lost the $23,000 support and currently looks bearish in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC went for a correction after reaching $23,500.
- Currently, the price is trading below $23,500 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see Bitcoin losing a key support level at $23,320.
- In order to have a short-term rally, BTC must surpass $23,250 indefinitely.
Bitcoin Price Action Analysis
BTC faced strong resistance at above $24,000. Following that, the highest recorded price for BTC is at $24,285 before turning red. With that, the price lost the $23,800 and $23,500 support level. Moreover, the sellers pushed BTC below the 61.8% Fibonacci retracement level from the latest rise from $22,846 to $24,286. Furthermore, the price lost a key support level at $23,320. At this point, Bitcoin trading below $23,500 and the 1-hour candles are below the SMA100. Currently, the price is consolidating above $22,650.
The first resistance level for BTC is at $23,250 followed closely by $23,500. Closing above these levels is essential for any short-term growth. In which case, the price could quickly approach $24,000.
On the other hand, if Bitcoin price fails to surpass $23,500, the downtrend will likely continue. For this scenario, the $22,650 is the first support level followed by $22,500. Closing below $22,500 would bring BTC as low as $22,000. In case the sellers remain active, they could bring BTC down to $21,500. Further decline could move BTC down to $20,500 support level.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $23,250, $23,500 and $24,000 are crucial resistance levels for BTC.
Support levels: The $22,650 and $22,500 are currently the key support levels for the price.
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