Bitcoin price is having a slow decline below the $24,500 level. In case BTC remains below the SMA100, further short-term dip would follow. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC failed to surpass $25,000 and took a downturn.
- Currently, the price is blow $24,500 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see BTC breaking a key uptrend at $24,300.
- It is likely for the price to continue downward and reach $23,500.
Bitcoin Price Action Analysis
BTC set on a new rally above $24,500 and momentarily surpassed $25,000. With that, it hit a monthly record at $25,200 but the sellers did not leave time to celebrate. Subsequently, BTC lost the $25,000, $24,800 and $24,500 one by one.
On the 1-hour chart, we have a key trendline broken at $24,300. At this point, Bitcoin is trading below $24,500 and the 1-hour candles are below the SMA100. The lowest recorded price is at $23,789 before making an attempt foe recovery. Finally, BTC penetrated the 23.6% Fibonacci retracement level from the latest fall from $25,200 to $23,789.
The first resistance level for Bitcoin is at $24,300 on the SMA100. Following that, the $24,500 near the 50% Fibonacci retracement level will come next. Therefore, closing above $24,500 could jump start a new rally. In which case, the $25,000 and the $25,800 will be the upcoming resistance levels.
On the other hand, if Bitcoin price fails to surpass $24,500, the downtrend will continue. For this scenario, the $23,780 will be the next support level followed by $23,500. At that point, closing below $23,500 could strengthen the decline. After that, Bitcoin would quickly approach $22,750.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $24,300, $24,500 and $25,000 are crucial resistance levels for BTC.
Support levels: The $23,780 and $23,500 are currently the key support levels for the price.
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