Bitcoin price is correcting lower below the $24,500 level. BTC could decline towards the $23,500 support before it starts a fresh increase in the near term.
- Bitcoin is slowly moving lower below $24,500 and $24,000.
- The price is trading below $24,500 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $24,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline towards the $23,500 and $23,000 support levels.
Bitcoin Price Corrects Lower
Bitcoin price made another attempt to gain pace above the $25,000 resistance zone. However, BTC failed to continue higher above the $25,200 level and started a fresh decline.
There was a clear move below the $24,500 support zone. Besides, there was a break below a major bullish trend line with support near $24,550 on the hourly chart of the BTC/USD pair. The pair even broke the $24,000 support zone and traded as low as $23,867.Bitcoin price is now trading below $24,500 and the 100 hourly simple moving average. It is slowly correcting higher and trading above the 23.6% Fib retracement level of the recent decline from the $25,190 swing high to $23,867 low.
On the upside, an immediate resistance is near the $24,550 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $25,190 swing high to $23,867 low.
