Bitcoin Price Aims Key Upside Break As The Bulls Face Many Challenges

Bitcoin price is attempting an upside break above the $23,650 resistance. BTC must clear the $24,000 resistance to start a steady increase in the near term.

• Bitcoin is slowly moving higher above the $23,500 resistance zone.
• The price is trading above $23,500 and the 100 hourly simple moving average.
• There was a break above a key bearish trend line with resistance near $23,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rise steadily if it clears the $23,650 and $24,000 resistance levels.

Bitcoin Price Faces Resistance

Bitcoin price extended its decline below the $23,200 support zone. BTC even spiked below the $23,000 support zone and tested the $22,750 area.

A low was formed near $22,739 and the price is now recovering higher. There was a move above the $23,200 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $23,300 on the hourly chart of the BTC/USD pair.

The pair climbed above the 23.6% Fib retracement level of the downward move from the $24,602 swing high to $22,739 low. Bitcoin price is now trading above $23,500 and the 100 hourly simple moving average.

An immediate resistance is near the $23,650 zone. It is near the 50% Fib retracement level of the downward move from the $24,602 swing high to $22,739 low. The first major resistance is still near the $24,000 zone. A clear move above the $24,000 resistance might send the price towards the $24,600 resistance zone.

Source: The main hurdle is still near the $25,000 zone. A close above the $25,000 resistance could set the pace for a strong increase. 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 start another decline. An immediate support on the downside is near the $23,200 zone. The next major support is near the $22,750 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 gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $23,200, followed by $22,750. Major Resistance Levels – $23,650, $24,000 and $24,600.