Big Picture: Profit-taking is becoming more intense as Bitcoin fails to break over the 25,210 level. Meanwhile, there is still plenty of untapped liquidity above the 25,210 mark, which might serve as a price aim. Going forward, volatility is expected to increase as both the Bulls and Bears strive to reclaim control of the trend. Additionally, multiple momentum indications signal towards potential exhaustion if price fails to break out again.
On the Upside the session’s opening resistance is sitting at 24,200, followed by 24,480. Above these intraday resistances, the next resistance zone is at 24,680, followed by 25,210. Price has failed to build any strength between 25,210 and 25,500 levels, causing a re-test of lower levels. If Bitcoin is to advance higher, it must gain acceptability over the $25,500 mark.
On the Downside the price is set to test the first intraday support level at 23,750. Since this level corresponds with the 38.2% Fibonacci retracement, it becomes an even more important support level. Below this level, the next intra-day supports are at 23,300 and 22,850. The 22,850 support level is a higher time frame relevant support that must be kept, or else profit-taking may escalate into panic selling.