Bitcoin

The price of bitcoin made a new attempt to climb higher than the $24,200 resistance level. Even more impressively, BTC managed to break through the $24,500 resistance zone and the 100 hourly simple moving average.On the other hand, there was no continuation to the upward above $24,500. A new high was established close to $24,602, and the price started to drop once more. After a precipitous drop below $24,000, the market once again attempted to find support in the zone around $23,600. A bottom has been established close to $23,615, and the price is currently consolidating.The price of bitcoin is currently trading lower than $24,500 and below the 100-hourly simple moving average. In the hourly chart of the BTC/USD pair, another bearish trend line is forming with resistance near $24,120. This trend line is also visible.Around the trend line zone and $24,100 is where an immediate resistance might be seen. It is quite close to the 50% Fib retracement level of the recent drop, which began at the swing high of $24,602 and ended at the low of $23,615. The first significant barrier to overcome is still located close to the zone around $24,500 and the 100 hourly simple moving average.The following significant barrier to passage might be found at $24,840 or at the 1.236 Fibonacci extension level of the recent fall from the swing high of $24,602 to the low of $23,615. If the price is able to break decisively over the $24,840 resistance level, it may move closer to the critical $25,000 barrier zone.If price manages to close over the $25,000 resistance level, this may signal that further gains are likely in the near future. Under the scenario described, there is a chance that the price will move closer to the $26,200 mark.If the price of bitcoin is unable to break through the resistance level of $24,500, it is possible that it will continue to trend down. The region around the $23,600 zone provides short-term support for the market.The region around $23,500 is the next significant area of support. In the event that there is a break to the downside, the price may move closer to $22,000. The area close to $21,500 is the next significant level of support.

Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $24,500

ItsBitcoinWorld

Other articles published on Feb 24, 2023

Cardano Spot Launches Open Beta For Community

The Next Real Estate Market Isn’t Here – It’s in Metaverse

Trust Wallet & CoinMarketCap Bring Decentralized Logins to More People Than Ever

Binance Partners With Ingenico To Ease Crypto Payments In France

Metalpha, Litecoin Foundation Partner for Sustainable Crypto Mining

Henry Chang’s 12th WEMIX Purchase Announcement

Join our free newsletter for daily crypto updates!