Bitcoin Struggles Below $25,000 As Double Top Signs Emerge

Bitcoin struggles below $25,000 as Double Top Signs emerge, with the cryptocurrency price against the US Dollar not being able to overcome the $25,000 resistance level. Bitcoin (BTC) is falling and may breach the $23,250 support region.

The clear attempt by Bitcoin to move in the direction of the $25,000 resistance failed.

The price is currently trading below both the $24,000 mark and the 100 hourly simple moving average which means that Bitcoin struggles at the moment.

On the hourly chart of the BTC/USD pair, there was a breach below a crucial bullish trend line with support close to $23,750. (data feed from Kraken).

To move higher in the near future, the pair needs to break through the $24,200 resistance.

Above the $23,500 resistance area, the price of Bitcoin increased quickly. The price made a clear move above $24,000 and even broke through $24,500.

It failed in its attempt to make a direct move toward the $25,000 resistance. Near $24,670, a high was made, following which the price began a new decline. A move into a short-term bearish zone occurred below the $24,200 and $24,000 support levels.

Below the 23.6 percent Fib retracement level of the upward movement from the $20,696 swing low to $24,670 high, the price of bitcoin dropped. On the hourly chart of the BTC/USD pair, a key bullish trend line with support close to $23,750 was broken below.

Price is currently trading beneath both the $100,000 mark and the 100 hourly simple moving average. More losses below the $23,250 mark are currently being protected by the bulls.

Price encounters resistance on the upward scale close to the $23,750 mark and the 100 hourly simple moving average. Near the $24,200 region is the next significant resistance. Additionally, it appears as though a double top pattern is developing with resistance close to the $24,200 mark.

A close over the $24,200 resistance level could start a new uptrend. In the aforementioned scenario, the cost might increase to around $24,750. The next significant barrier is located close to the $25,000 mark which will be hard to overcome.

More Bitcoin losses?

Bitcoin struggles and may begin a downward correction if it is unable to overcome the $24,200 resistance level. Near $23,240, there is immediate support on the downside.

The area around $22,750 now serves as the next significant support. It is close to where the upward movement from the swing low of $20,696 to the high of $24,670 is retracing by 50% on the Fibonacci scale. Any additional losses could push the price up to $22,000.

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