Bitcoin Struggles Above $23,000 And Faces Rejection At $24,000

Mar 02, 2023 at 12:00 // Price
Coin Idol
Bitcoin traded in a limited range

Bitcoin (BTC) price has continued to hold above the moving average lines after being rejected at the $24,000 resistance level.

Bitcoin price long-term forecast: bullish

Buyers have tried twice unsuccessfully to break the recent high. However, if the price bars remain above the moving average lines, the current retest could continue. Today, the 21-day line SMA has pulled back to the upside, and the comeback will allow BTC to rise above $24,000 and reach a high of $25,000. However, if the $25,000 level is broken, the uptrend will resume. The bullish momentum will accelerate if the psychological price threshold of $30,000 is reached. Bitcoin will fall and be trapped between the moving average lines if the BTC price falls back below the 21-day line SMA. The cryptocurrency value will have to stay in a range between the moving average lines for a few days.

Bitcoin indicator display

The relative strength index of the cryptocurrency for the period 14 is still at 51. The price of Bitcoin has stabilized at this level as supply and demand are in balance. Bitcoin price bars continue to be above the moving average lines, indicating a possible increase. Bitcoin is experiencing bearish momentum below the daily stochastic level of 50. Selling pressure has eased above the $23,000 support.

BTCUSD(Daily Chart) - March 2.23.jpg

Technical indicators:

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin traded in a limited range after the price decline on February 24. The price of the cryptocurrency moved between $23,000 and $24,000. Buyers failed to sustain the bullish momentum above the current high last week.

BTCUSD( 4 Hour Chart) - March 2.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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