{"id":497603,"date":"2022-08-04T02:48:03","date_gmt":"2022-08-04T02:48:03","guid":{"rendered":"https:\/\/wncen.com\/?p=497603"},"modified":"2024-06-11T14:22:10","modified_gmt":"2024-06-11T14:22:10","slug":"bitcoin-price-struggle-below-24k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-struggle-below-24k\/","title":{"rendered":"TA: Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $24K"},"content":{"rendered":"
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.<\/em><\/p>\n Bitcoin price gained pace after it broke the $23,500 support zone<\/a>. The price even traded below the $23,000 level to move into a short-term bearish zone.<\/p>\n 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.<\/p>\n Bitcoin climbed above the 23.6% Fib retracement level of the downward move from the $24,699 swing high to $22,649 low. The price even spiked above the $23,400 level, but it faced a strong resistance near $23,500.<\/p>\n It is now trading below the $23,200 level and the 100 hourly simple moving average<\/a>. 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.<\/p>\n <\/a><\/p>\n 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.<\/p>\n If bitcoin fails to clear the $23,500 resistance zone and the channel resistance, it could continue to move down. An immediate support on the downside is near the $22,800 level.<\/p>\n The next major support now sits near the $22,640 level. A close below the $22,640 level might spark a sharp decline to $21,750. Any more losses might send the price towards $21,000 level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n Major Support Levels \u2013 $22,800, followed by $22,500.<\/p>\n Major Resistance Levels \u2013 $23,200, $23,500 and $24,180.<\/p>\n","protected":false},"excerpt":{"rendered":" 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. Bitcoin climbed above the 23.6% Fib retracement level of the downward move from the $24,699 swing high to $22,649 low. The price even spiked above the $23,400 level, but it faced a strong resistance near $23,500. 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: BTCUSD on TradingView.com 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. More Losses in BTC? If bitcoin fails to clear the $23,500 resistance zone and the channel resistance, it could continue to move down. An immediate support on the downside is near the $22,800 level. The next major support now sits near the $22,640 level. A close below the $22,640 level might spark a sharp decline to $21,750. Any more losses might send the price towards $21,000 level. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level. Major Support Levels \u2013 $22,800, followed by $22,500. Major Resistance Levels \u2013 $23,200, $23,500 and $24,180.<\/p>\n","protected":false},"author":67,"featured_media":460738,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-497603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Upsides Capped<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
More Losses in BTC?<\/h2>\n