Key Takeaways:
- Bitcoin price is moving lower below the $24,000 support zone.
- BTC/USD broke a key contracting triangle with resistance near $23,200 on the 4-hours chart.
- The price is still showing a few bearish signs below the $24,000 resistance zone.
Bitcoin price is attempting an upside correction above $23,200. However, BTC/USD might resume its decline if it stays below the $24,000 resistance zone.
Bitcoin Price Faces Uphill Task
After a few failed attempts near the $25,000 resistance, the Bitcoin price reacted to the downside. The BTC/USD pair declined below the $24,500 and $24,000 support levels.
There was a clear move below the $23,500 level and the 50 simple moving average (4 hours, blue). It also sparked bearish moves in Ethereum, Cardano, Solana, and Ripple. The bears even push the BTC prices below the $23,000 level.
A low was formed near $22,810, and the price recently started an upside correction. There was a move above the $23,200 resistance zone.
Besides, Bitcoin price cleared a key contracting triangle with resistance near $23,200 on the 4-hours chart. It even climbed above the 23.6% Fib retracement of the downward move from the $25,227 swing high to the $22,810 low.
However, the price is still showing bearish signs and trading well below $24,000. On the upside, immediate resistance is near the $23,600 level.
The first major resistance is near the $24,000 zone and the 50 simple moving average (4 hours, blue). It coincides with the 50% Fib retracement of the downward move from the $25,227 swing high to the $22,810 low.
A close above the $22,000 level might start another steady increase. The next major resistance might be near the $24,650 level. Any more gains might send the price toward the $25,200 resistance zone in the coming days.
More Downsides in BTC?
On the downside, the first major support is near the $23,000 level. The next key support sits near the $22,800 level. A clear move below the $22,800 support could spark a bearish move.
The next major support is near the $22,000 zone, below which there is a risk of a move toward the $21,400 support zone. Any more gains could set the pace for a drop toward $20,000.
Overall, Bitcoin price is struggling to recover and trading well below the $24,000 resistance zone. If BTC clears the $24,000 barrier, it could rally toward $25,200 or $26,000. Conversely, the price might continue to move down toward $21,400 in the coming sessions.
