{"id":520838,"date":"2023-02-24T03:11:51","date_gmt":"2023-02-24T03:11:51","guid":{"rendered":"https:\/\/wncen.com\/?p=520838"},"modified":"2024-06-11T08:04:04","modified_gmt":"2024-06-11T08:04:04","slug":"bitcoin-price-recovery-fade-24500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-recovery-fade-24500\/","title":{"rendered":"Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $24,500"},"content":{"rendered":"<p><em>Bitcoin price is struggling to clear the $24,500 resistance zone. BTC must clear the $24,500 resistance and the 100 hourly SMA to start a decent increase.<\/em><\/p>\n<ul>\n<li>Bitcoin is still struggling to clear the $24,500 resistance zone.<\/li>\n<li>The price is trading below $24,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a new bearish trend line forming with resistance near $24,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could rise steadily if it clears the 100 hourly SMA and $24,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Consolidates Below $24,500<\/h2>\n<p>Bitcoin price attempted a fresh increase above the $24,200 resistance. BTC even spiked above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-inflection-zone-24-5k\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">$24,500 resistance zone<\/a> the 100 hourly simple moving average.<\/p>\n<p>However, there was no upside continuation above $24,500. A high was formed near $24,602 and the price declined again. There was a sharp decline below $24,000 and the price retested the $23,600 support zone. A low is formed near $23,615 and the price is now consolidating.<\/p>\n<p>Bitcoin price trading below $24,500 and the 100 hourly simple moving average. There is also a new bearish trend line forming with resistance near $24,120 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>An immediate resistance is near the trend line zone and $24,100. It is near the 50% Fib retracement level of the recent decline from the $24,602 swing high to $23,615 low. The first major resistance is still near the $24,500 zone and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-fails-again-25k\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>The next major resistance might $24,840 or the 1.236 Fib extension level of the recent decline from the $24,602 swing high to $23,615 low. A clear move above the $24,840 resistance might send the price towards the key $25,000 resistance zone.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-17.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-520839\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-17.png?resize=1834%2C845\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-17.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-17.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-17.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-17.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-17.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-17.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-17.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>A close above the $25,000 resistance could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $26,200 level.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin price fails to clear the $24,500 resistance, it could continue to move down. An immediate support on the downside is near the $23,600 zone.<\/p>\n<p>The next major support is near the $23,500 zone. If there is a downside break, the price might decline towards $22,000. The next major support is near the $21,500 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $23,600, followed by $23,500.<\/p>\n<p>Major Resistance Levels \u2013 $24,120, $24,500 and $25,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is struggling to clear the $24,500 resistance zone. BTC must clear the $24,500 resistance and the 100 hourly SMA to start a decent increase. Bitcoin is still struggling to clear the $24,500 resistance zone. The price is trading below $24,500 and the 100 hourly simple moving average. There is a new bearish trend line forming with resistance near $24,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could rise steadily if it clears the 100 hourly SMA and $24,500. Bitcoin Price Consolidates Below $24,500 Bitcoin price attempted a fresh increase above the $24,200 resistance. BTC even spiked above the $24,500 resistance zone the 100 hourly simple moving average. However, there was no upside continuation above $24,500. A high was formed near $24,602 and the price declined again. There was a sharp decline below $24,000 and the price retested the $23,600 support zone. A low is formed near $23,615 and the price is now consolidating. Bitcoin price trading below $24,500 and the 100 hourly simple moving average. There is also a new bearish trend line forming with resistance near $24,120 on the hourly chart of the BTC\/USD pair. An immediate resistance is near the trend line zone and $24,100. It is near the 50% Fib retracement level of the recent decline from the $24,602 swing high to $23,615 low. The first major resistance is still near the $24,500 zone and the 100 hourly simple moving average. The next major resistance might $24,840 or the 1.236 Fib extension level of the recent decline from the $24,602 swing high to $23,615 low. A clear move above the $24,840 resistance might send the price towards the key $25,000 resistance zone. Source: BTCUSD on TradingView.com A close above the $25,000 resistance could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $26,200 level. More Losses in BTC? If bitcoin price fails to clear the $24,500 resistance, it could continue to move down. An immediate support on the downside is near the $23,600 zone. The next major support is near the $23,500 zone. If there is a downside break, the price might decline towards $22,000. The next major support is near the $21,500 level. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $23,600, followed by $23,500. Major Resistance Levels \u2013 $24,120, $24,500 and $25,000.<\/p>\n","protected":false},"author":67,"featured_media":454689,"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":[428,679,1144,78790,76835],"class_list":["post-520838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $24,500<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to clear the $24,500 resistance zone. 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