Bitcoin price is still consolidating below $24,500. At this point, it is likely for BTC to lose the $23,650 and $23,500 support levels. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC is ranging below the $25,000 level.
- Currently, BTC is trading below the $24,500 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance and $24,020.
- It would be probable for BTC to continue downward and lose the $23,650 and $23,500 support levels.
Bitcoin Price Action Analysis
Bitcoin took a downturn starting from $25,000. Subsequently, the price lost the $24,650 and $24,500 key levels and entered a short-term bearish phase. With that, it lost the $24,000 and the SMA100. The lowest recorded price in the past 24 hours is at $23,673 before making a recovery attempt.
The first resistance level for BTC is at $24,000 which is near the 23.6% Fibonacci retracement level from the latest fall from $25,200 to $23,673. On the 1-hour chart, we see a new downtrend forming with resistance at $24,020. After that, the $24,250 on the SMA100 is the next resistance level.
At that point, the $24,450 is a key resistance level for BTC. This level is near the 50% Fibonacci retracement level from the latest fall. Closing above $24,450 could jump start a new rally for Bitcoin. In which case, surpassing the $24,500 would bring Bitcoin price closer to the $25,800 level.
On the other hand, if Bitcoin price fails to surpass $24,450, the downtrend will continue. For this scenario, the $23,675 is the first support level followed closely by $23,450. Closing below $23,450 could put a lot of pressure on the buyers. Eventually, the selling pressure could bring BTC down to $22,750.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $24,020, $24,500 and $25,000 are crucial resistance levels for BTC.
Support levels: The $23,650 and $23,500 are currently the key support levels for the price.
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