Bitcoin still wrestling to break the $24,000 resistance level
The crypto market is once again trading in the green region. The market has increased less than 1% in the last 24 hours and remains above $1 trillion.
Bitcoin is trading at $23,700 at press time. The first and the most popular cryptocurrency failed to break above the resistance at $24,000 yesterday. The digital asset faced rejection and pulled back to $23,400. Bitcoin found support on the lower side and bounced back to $23,800 today.
The broader market is in a mixed state, with some cryptocurrencies and tokens trading at a loss while others are trading well.
In the last 24 hours, Bitcoin has gained 0.38 percent. Despite trading in the green zone, Bitcoin failed to surpass the $24k resistance level due to a lack of momentum.
Over the previous seven days, Bitcoin’s value has increased by nearly 5%. This has kept Bitcoin at or near its psychological $20,000 barrier. The Bitcoin bulls will now be aiming to reach and surpass the $24,000 resistance level.
However, they are likely to face strong selling pressure near the $24,500 and $25,000 levels. A proper close above the $25,000 level is needed for a sustained upward move in the near term.
Critical levels to watch as Bitcoin continues to wrestle with the $24,000 resistance level, we take a look at some of the other critical levels that are likely bulls are currently in charge of the market.
Bitcoin is still trading well above the $22,000 support level and the 100 hourly simple moving average. There is also a key ascending passage forming with support near $23,250 on the hourly chart of the BTC/USD pair.
Critical levels to watch
As Bitcoin rose higher, the MACD line crossed into the positive zone, indicating increasing momentum for the leading cryptocurrency.
Bitcoin’s 14-day RSI of 60 indicates that it is above neutral. If the bulls keep control, Bitcoin may proceed into the overbought zone in the coming days or weeks.
At the time of writing, one bitcoin is worth $23,860. Bitcoin’s value might surge above the $24k obstacle before the day is out if the bulls maintain their dominance.
However, to go past last month’s high of $24,693 and approach the psychological $25k mark. It would need to be able to sustain the rest of the cryptocurrency market.
Despite the partial recovery in bitcoin, bears may yet regain control and drive it back to or below $23k. In the immediate term, BTC should comfortably stay above the $22,132 support level.
The 4-hour chart shows that Bitcoin is facing some resistance at the $24,000 level. It is also trading above the $23,500 level and the 55 Simple Moving Average (SMA).
The Relative Strength Index (RSI) on the 4-hour chart is just below the 60 level. Indicating that BTC could rise a bit in the near term. On the downside, Bitcoin has a strong support zone near $22,800-$22,900.
If there is a move below this support zone. Bitcoin could decline towards the $22,250 level or even towards $21,500 in the short term. To sum up, Bitcoin looks bullish in the short term as it trades above key support levels. However, it faces some resistance around the $24,000support level.
However, it cannot be ruled out that BTC could extend its consolidation phase for a few more days before it finally; resumes its uptrend. Bitcoin is still wrestling to break the $24,000 resistance level.
The 4-hour chart shows that Bitcoin is facing some resistance at the $24,000 level. It is also trading well above the $22,500 and $22,000 support levels. The key support is now formed near the $21,800 level, below which the price could retest the $21,000 level.