Bitcoin price faced a strong rejection near the $25,000 resistance. BTC remains supported near the $23,400 and $22,950 levels in the near term.
- Bitcoin is down over $1,000 after it faced rejection near the $25,000 resistance.
- The price is trading above $23,000 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support near $23,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue higher if it stays above the $23,400 and $22,950 support levels.
Bitcoin Price Trims Gains
Bitcoin price extended its increase above the $24,000 resistance zone. BTC even spiked above the $25,000 resistance, but it faced a strong rejection.
A new weekly high was formed near $25,275 and the price started a fresh decline. There was a sharp decline below the $24,500 and $24,200 levels. The price even tested the 50% Fib retracement level of the upward move from the $21,505 swing low to $25,275 high.The bulls appeared near the $23,400 zone. Bitcoin price is now trading above $23,000 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $23,450 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $24,000 level. The next major resistance is near the $24,400 zone. A clear move above the $24,400 resistance might resend the price towards the $25,000 resistance zone.