Bitcoin is facing a key resistance near the $23,500 zone against the US Dollar. BTC must clear $23,500 to avoid a fresh bearish reaction in the near term.
- Bitcoin is struggling to rise and trading below the $23,500 level.
- The price is now trading below the $23,200 level and the 100 hourly simple moving average.
- There is a key rising channel forming with support near $22,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $23,500 resistance to start a decent increase in the near term.
Bitcoin Price Upsides Capped
Bitcoin price gained pace after it broke the $23,500 support zone. The price even traded below the $23,000 level to move into a short-term bearish zone.
However, the bulls protected the $22,650 zone. The 50% Fib retracement level of the upward move from the $20,692 swing low to $24,671 high acted as a support. The price formed a base and recently recovered losses above the $23,000 level.It is now trading below the $23,200 level and the 100 hourly simple moving average. There is also a key rising channel forming with support near $22,800 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price is facing resistance near the $23,200 level and the 100 hourly SMA.
Source:The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $24,215 level. The next major resistance sits near the $24,700 level.
