Bitcoin Price At Risk of Downside Thrust Before Fresh Increase

Bitcoin price is rising and approaching a major hurdle at $23,250. BTC remains at a risk of more downsides before it could start a fresh increase to $25,000.

• Bitcoin is attempting a fresh increase above the $23,000 resistance zone.
• The price is trading below $23,200 and the 100 hourly simple moving average.
• There is a key rising channel forming with support near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could decline again if it fails to climb above the $23,250 resistance zone.

Bitcoin Price Faces Hurdle

Bitcoin price extended its decline below the $23,000 support zone. BTC even tested the $22,500 support zone. A low was formed near $22,519 before the price started a fresh increase.

There was a move above the $22,650 and $22,800 levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $23,951 swing high to $22,519 low. It is now consolidating above the $23,000 level.

Bitcoin price is still trading below $23,200 and the 100 hourly simple moving average. It seems to be facing a strong resistance near the $23,250 zone. Besides, there is a key rising channel forming with support near $23,000 on the hourly chart of the BTC/USD pair.

An immediate resistance is near the $23,200 level and the 100 hourly simple moving average. The next major resistance is near the $23,250 zone. It is close to the 50% Fib retracement level of the downward move from the $23,951 swing high to $22,519 low.

Source: BTCUSD on TradingView.com

A clear move above the $23,250 resistance might send the price further higher. In the stated case, the price may perhaps rise towards the $23,650 level. The next resistance could be near the $24,000 level. Any more gains might send btc price towards the $25,000 level.

Fresh Decline in BTC?

If bitcoin price fails to clear the $23,250 resistance, it could start another downward move. An immediate support on the downside is near the $23,000 zone and the channel trend line.

The next major support is near the $22,850 zone. A downside break below the $22,850 level might send the price towards the $22,500 level. Any more losses might send the price to $22,200 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $23,000, followed by $22,500.

Major Resistance Levels – $23,200, $23,250 and $24,000.

Source