- Bitcoin price started a fresh decline below the $24,500 zone against the US Dollar.
- The price is now trading below $24,250 and the 55 simple moving average (4-hours).
- There is a major rising channel forming with support near $23,700 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to decline if there is a move below the $23,700 support.
Bitcoin price is struggling below $25,000 against the US Dollar. BTC might extend losses if it stays below the $24,100 and $24,500 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $25,200 resistance zone. There was a steady decline below the $24,800 and $24,500 support levels.
The decline gained pace below the $24,200 level and the 55 simple moving average (4-hours). The price declined below the 50% Fib retracement level of the upward move from the $22,669 swing low to $25,214 high. It even spiked below the $24,000 level.
Bitcoin is now trading below $24,250 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $24,100 level.
The first major resistance is near the $24,300 level. The next major resistance on the upside is near the $24,500 level, above which the price could rise towards the $25,000 zone. Any more gains might send the price towards the $25,550 zone.
If there is no upside break, the price might continue to decline below $23,750. The next key support is near the $23,700 level or the 61.8% Fib retracement level of the upward move from the $22,669 swing low to $25,214 high.
There is also a major rising channel forming with support near $23,700 on the 4-hours chart of the BTC/USD pair, below which the price might accelerate lower. In the stated case, the price could decline towards the $22,700 level. Any more losses might call for a move towards the $22,000 support zone or even $21,500 in the coming sessions.
Looking at the chart, bitcoin price is clearly trading below $24,200 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a move below the $23,700 support.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Key Support Levels – $23,700 and $23,500.
Key Resistance Levels – $24,100, $24,500 and $25,000.
