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.

Source: A close above the $25,000 resistance might start another decent increase. In the stated case, the price may perhaps rise towards the $25,250 level. The next resistance could be near the $25,850 level, followed by $26,200.

More Losses in BTC?

If bitcoin price fails to clear the $24,400 resistance, it could continue to move down. An immediate support on the downside is near the $23,400 zone and the trend line. The next major support is near the $22,950 zone. It is near the 61.8% Fib retracement level of the upward move from the $21,505 swing low to $25,275 high. If there is a downside break, the price might gain bearish momentum. The next major support is near the $22,750 level, below which the price might decline towards the $22,200 support. 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 – $23,400, followed by $22,950. Major Resistance Levels – $24,000, $24,400 and $25,000.