Bitcoin price is attempting an upside break above the $23,650 resistance. BTC must clear the $24,000 resistance to start a steady increase in the near term.
- Bitcoin is slowly moving higher above the $23,500 resistance zone.
- The price is trading above $23,500 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $23,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise steadily if it clears the $23,650 and $24,000 resistance levels.
Bitcoin Price Faces Resistance
Bitcoin price extended its decline below the $23,200 support zone. BTC even spiked below the $23,000 support zone and tested the $22,750 area.
A low was formed near $22,739 and the price is now recovering higher. There was a move above the $23,200 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $23,300 on the hourly chart of the BTC/USD pair.The pair climbed above the 23.6% Fib retracement level of the downward move from the $24,602 swing high to $22,739 low. Bitcoin price is now trading above $23,500 and the 100 hourly simple moving average.
An immediate resistance is near the $23,650 zone. It is near the 50% Fib retracement level of the downward move from the $24,602 swing high to $22,739 low. The first major resistance is still near the $24,000 zone. A clear move above the $24,000 resistance might send the price towards the $24,600 resistance zone.