Bitcoin price failed to settle above $23,500 and corrected lower. BTC is trading above $22,400, but it is now trading below the 100 hourly SMA.
- Bitcoin is slowly moving lower from the $23,500 resistance zone.
- The price is trading below $23,000 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it clears the $23,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price attempted a fresh increase above the $23,500 resistance zone. However, BTC struggled to gain bullish momentum above the $23,800 level. A new yearly high was formed near $23,829 and the price started a downside correction.
There was a drop below the $23,200 and $23,000 support levels. The price even spiked below $22,500 and traded as low as $22,492. It is now consolidating losses above $22,500.Bitcoin price is now trading below $23,000 and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC/USD pair.
It is slowly moving above the 23.6% Fib retracement level of the recent decline from the $23,829 swing high to $22,492 low. An immediate resistance is near the $23,000 level, the 100 hourly simple moving average, and the triangle trend line.