Just a few days ago, the price of bitcoin fell below the critical $24,000 threshold in response to a bearish pull down. After slipping below the $23,500, $23,200, and eventually the $23,000 threshold yesterday, the currency has been subjected to a couple more losses so far today.
At this time, the trading price of the King currency is $21,939, which means that it has even fallen below the range of $22,000. The asset is now having a tough battle against bears.
The immediate barrier of resistance for Bitcoin is located at around $23,150 on the top end. This gets it close to the 23.6% Fib retracement level, which is when Bitcoin saw a sharp decline, going from a high of $24,440 to a low of $22,715.
When we move on to the hourly chart, we can see that there is a crucial bearish trend line being built around the $23,550 resistance level. This can be seen when we look at the chart. The primary source of opposition can be seen near $23,750, which is also the 100 hourly simple moving average.
If, on the other hand, the flagship currency is successful in closing the transaction above the resistance levels of $23,550 and $23,800, then the currency may begin a new upward trend.
Price Of Bitcoin At The Mark Of $22,500?
If, on the other hand, Bitcoin is unable to break through the significant resistance level located at $23,200, then the asset will continue to move in a bearish direction and reach a low of $22,715.
Regarding the negative picture, the immediate support is located around $22,500, and if bitcoin orginformation continues to provide bearish signals,