Bitcoin price analysis: What is the condition for the continuation of the upward trend?

Bitcoin has been trying to break through the $24,500 resistance for the past few hours. If the buyers continue to fail to cross this level, the price may drop to $23,650 and then the $23,500 support.

To Report News BTC, Bitcoin started a slow but steady downward trend from the $25,000 level a few days ago. This movement was accompanied by the fall of Bitcoin below the support of $24,650 and $24,500, and of course, the short-term outlook of the market took on a downward trend.

Further, the support of the $24,000 level and the 100-hour moving average (MA 100 – red line in the image) were also lost, and the price fell to a low of $23,673. Bitcoin is now correcting its losses from the previous hours and has recently reached above $24,000.

Currently, $24,450 is the closest price resistance, which is in the same area as the 50% Fibonacci retracement level. It should be mentioned that in this analysis, Fibonacci levels are set based on the downward movement of the price from $25,200 to the bottom of $23,673.

The crossing and closing of the price candle above the resistances of $24,450 and $24,500 can be a spark to start another upward trend. In this case, Bitcoin will have a chance to raise itself to the $25,000 level, and if the price growth continues, the next target for buyers will be the $25,800 level.

Conversely, if Bitcoin fails to break through the $24,450 resistance, the downtrend may continue. In this case, the closest support in front of the price level will be $23,665.

The next key support is near $23,450 and a break of this level could increase the downward pressure on the price. In such a situation, the risk of Bitcoin falling to the level of $22,750 will increase.

The MACD is accelerating in the bearish range and the Relative Strength Index (RSI) is below the middle axis at the 50 level.

As mentioned, $23,665 and $23,500 are key supports for Bitcoin, and $24,450 and $24,500 act as resistances.