Bitcoin price recovery may soon fade if BTC fails to surpass $24K

Bitcoin price is struggling to clear the $23,650 resistance. BTC needs to clear the $24,000 resistance to move into a positive zone in the short term.

• Bitcoin is struggling to gain momentum on a move above the $23,600 resistance zone.
• The price is trading above $23,200 and the 100 hourly simple moving average.
• There was a break below an important ascending channel with support near $23,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could resume the decline if it stays below the $23,650 and $24,000 resistance levels.

Bitcoin price continues to struggle

Bitcoin price started a recovery wave from the $22,750 support zone. BTC formed a base and started a decent rise above the $23,200 resistance zone.

There was a move above the $23,600 resistance and the 100 hourly simple moving average. However, the bears were active below the $24,000 resistance zone. A high was formed near $23,885 before the price started another decline.

It was a move below the $23,600 zone. Also, there was a break below an important ascending channel with support near $23,450 on the hourly chart of the BTC/USD pair. There was a tip below the 50% Fib retracement level for the upward move from the $22,739 swing low to the $23,885 high.

Bitcoin price is now trading above $23,200 and the 100 hourly simple moving average. It is well above the 61.8% Fib retracement level for the upward move from the $22,739 swing low to $23,885 high.

An immediate resistance is near the $23,650 zone. The first major resistance remains near the $23,850 and $24,000 levels. A clear move above the $24,000 resistance could initiate a decent rally towards the $24,600 resistance zone.

Source: BTCUSD on TradingView.com

The next key resistance remains near the $25,000 zone. A close above the $25,000 resistance could push the price into a bullish zone. In the aforementioned case, the price may perhaps rise towards the $25,800 level.

New decline in BTC?

If the bitcoin price fails to clear the $23,650 resistance, it may continue to move lower. An immediate support on the downside is near the $23,200 zone.

The next major support is near the $22,800 zone. If there is a downside break, the price could drop towards $22,200. The next major support is near the $22,000 level.

Technical indicators:

Hourly MACD – MACD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.

Major support levels – $23,200, followed by $22,800.

Major resistance levels – $23,650, $24,000 and $24,600.