Bitcoin price analysis: What is the condition for the continuation of the upward trend?

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Bitcoin has been trying to break through the $24,500 resistance for the past few hours. If the buyers continue to fail to cross this level, the price may drop to $23,650 and then the $23,500 support.

To Report News BTC, Bitcoin started a slow but steady downward trend from the $25,000 level a few days ago. This move was accompanied by the fall of Bitcoin below the support of $24,650 and $24,500, and of course, the short-term outlook of the market took on a downward trend.

Further support at the $24,000 level and the 100-hour moving average (MA 100 – red line in the image) were also lost, and the price fell to a low of $23,673. Bitcoin is now correcting its losses from the previous hours and has recently reached above $24,000.

Currently, $24,450 is the closest price resistance, which is in the same area as the 50% Fibonacci retracement level. It should be mentioned that in this analysis, Fibonacci levels are set based on the downward movement of the price from $25,200 to the bottom of $23,673.

Bitcoin price analysis: What is the condition for the continuation of the upward trend?
Bitcoin price chart (click on the image to view the original size).

The crossing and closing of the price candle above the resistances of $24,450 and $24,500 can be a spark to start another upward trend. In this case, Bitcoin will have a chance to rise to the level of $25,000 and if the price growth continues, the next target for buyers will be the level of $25,800.

Conversely, if Bitcoin fails to break through the $24,450 resistance, the downtrend may continue. In this case, the closest support in front of the price level will be $23,665.

The next key support is near $23,450 and a break of this level could increase the downward pressure on the price. In such a situation, the risk of Bitcoin falling to the level of $22,750 will increase.

The MACD is accelerating in the bearish range and the Relative Strength Index (RSI) is below the middle axis at the 50 level.

As mentioned, $23,665 and $23,500 are key supports for Bitcoin, and $24,450 and $24,500 act as resistances.


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