Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $24K

Bitcoin price is struggling to clear the $23,650 resistance. BTC must clear the $24,000 resistance to move into a positive zone in the near term.

• Bitcoin is struggling to gain pace for a move above the $23,600 resistance zone.
• The price is trading above $23,200 and the 100 hourly simple moving average.
• There was a break below a key rising channel with support near $23,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could resume its decline if it stays below the $23,650 and $24,000 resistance levels.

Bitcoin Price Keeps Struggling

Bitcoin price started a recovery wave from the $22,750 support zone. BTC formed a base and started a decent increase above the $23,200 resistance zone.

There was a move above the $23,600 resistance and the 100 hourly simple moving average. However, the bears were active below the $24,000 resistance zone. A high was formed near $23,885 before the price started a fresh decline.

There was a move below the $23,600 zone. Besides, there was a break below a key rising channel with support near $23,450 on the hourly chart of the BTC/USD pair. There was a spike below the 50% Fib retracement level of the upward move from the $22,739 swing low to $23,885 high.

Bitcoin price is now trading above $23,200 and the 100 hourly simple moving average. It is stab above the 61.8% Fib retracement level of the upward move from the $22,739 swing low to $23,885 high.

An immediate resistance is near the $23,650 zone. The first major resistance is still near the $23,850 and $24,000 levels. A clear move above the $24,000 resistance might start a decent increase towards the $24,600 resistance zone.

Source: BTCUSD on TradingView.com

The next key resistance is still near the $25,000 zone. A close above the $25,000 resistance could push the price in a bullish zone. In the stated case, the price may perhaps rise towards the $25,800 level.

Fresh Decline in BTC?

If bitcoin price fails to clear the $23,650 resistance, it could continue to move down. An immediate support on the downside is near the $23,200 zone.

The next major support is near the $22,800 zone. 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 losing pace in the bearish zone.

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

Major Support Levels – $23,200, followed by $22,800.

Major Resistance Levels – $23,650, $24,000 and $24,600.

Source