TA: Bitcoin Price Struggles Below $25K, Signs of Double Top Emerges

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Bitcoin failed to clear the $25,000 resistance zone against the US Dollar. BTC is declining and might break the $23,250 support zone.
Bitcoin price gained pace above the $23,500 resistance zone.

There was a clear move above the $24,000 level and the price even broke the $24,500 level.
It attempted a clear move towards the $25,000 resistance but failed. A high was formed near $24,670 and the price started a fresh decline. There was a move below the $24,200 and $24,000 support levels to move into a short-term bearish zone.

Bitcoin declined below the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,670 high. Besides, there was a break below a key bullish trend line with support near $23,750 on the hourly chart of the BTC/USD pair.

The price is now trading below the $24,000 level and the 100 hourly simple moving average. The bulls are now protecting more losses below the $23,250 level.
On the upside, the price is facing resistance near the $23,750 level and the 100 hourly simple moving average. The next key resistance is near the $24,200 zone. It also seems like there is a double top pattern forming with resistance near the $24,200 level.
Bitcoin Price
A close above the $24,200 resistance zone could set the pace for a fresh increase. In the stated case, the price may perhaps rise towards the $24,750 level. The next major resistance sits near the $25,000 level.
If bitcoin fails to clear the $24,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,240 level.
The next major support now sits near the $22,750 level. It is near the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,670 high. Any more losses might send the price towards $22,000 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $23,240, followed by $22,800.
Major Resistance Levels – $23,750, $24,000 and $24,200.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.


Aishwarya Ramaning
About Aishwarya Ramaning 193 Articles
Aishwarya Ramaning, a woman who stands strong, when it comes to the woman's right. She is an autodidactic person, who chooses not to be a silent follower, but an egalitarian from the heart who has sustained the cold winds in rooting her career. Believes a pen could succeed, where a stick or a stomp might have failed. Having a soul of solicitude and a Humanitarian moralist is keenly looking forward to becoming an adept news writer and a legal practitioner.

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