Bitcoin Price Needs To Clear $24,000 For Hopes of a Fresh Rally

Bitcoin price is still well below the $24,000 resistance. BTC must clear the $24,000 barrier to move into a bullish zone and start a fresh rally.

• Bitcoin is still facing hurdles and trading below the $23,650 resistance zone.
• The price is trading above $23,320 and the 100 hourly simple moving average.
• There is a key contracting triangle forming with resistance near $23,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh rally if it clears the $23,650 and $24,000 resistance levels.

Bitcoin Price Faces Resistance

Bitcoin price remained capped near the $23,650 and $23,950 levels. BTC attempted an upside break above the $24,000 resistance but failed. A high was formed near $23,977 and the price started a fresh decline.

There was a move below the $23,600 level. The price traded below the 50% Fib retracement level of the upward move from the $23,042 swing low to $23,977 high. However, the bulls were active near the $23,350 and $23,400 levels.

Bitcoin price is now trading above $23,320 and the 100 hourly simple moving average. It is also above the 61.8% Fib retracement level of the upward move from the $23,042 swing low to $23,977 high.

An immediate resistance is near the $23,550 zone. There is also a key contracting triangle forming with resistance near $23,600 on the hourly chart of the BTC/USD pair. The first major resistance is near the $23,650 zone. A clear move above the $23,650 resistance might start a steady increase towards the $24,000 resistance zone.

Source: BTCUSD on TradingView.com

The next key resistance is near the $24,200 zone, above which the price might move into a bullish zone. In the stated case, the price may perhaps rise towards the $25,200 resistance.

Fresh Decline in BTC?

If bitcoin price fails to clear the $23,600 resistance, it could start another decline. An immediate support on the downside is near the $23,350 zone.

The next major support is near the $23,050 zone. The main support sits at $22,800, below which the bears might gain strength and push the price to $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 below the 50 level.

Major Support Levels – $23,000, followed by $22,800.

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

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