TA: Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $24.5K

Bitcoin is struggling below $24,500 against the US Dollar. BTC could continue to move down below the $23,650 and $23,500 support levels. Bitcoin is slowly moving lower and trading well below the $25,000 level. The price is now trading below the $24,200 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses below the $23,650 and $23,500 support levels in the near term. Bitcoin Price Turns Red Bitcoin price started a slow and steady decline from the $25,000 resistance zone. BTC declined below the $24,650 and $24,500 levels to move into a short-term bearish zone. There was a break below the $24,000 level and the 100 hourly simple moving average. The price traded as low as $23,673 and is currently consolidating losses. On the upside, an immediate resistance is near the $24,000 level. It is near the 23.6% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low. There is also a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC/USD pair. The first major resistance on the upside sits near the $24,250 level and the 100 hourly simple moving average. The next key resistance is near the $24,450 zone. It is near the 50% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low. A close above...