1-Day Analysis:
Big Picture: Bitcoin experienced an extremely volatile session. Buyers started the session strong and maintained control for the most part, but things changed rapidly when price rejected the Range Top level of 25,210. Previous reports warned that any intra-day weakness around the 25,200 mark may quickly turn into a massive profit-taking scenario. Looking forward, given that the session ended with a massive rejection candle, a re-test of lower supports cannot be ruled out. A fortress over 25,200 remains necessary to negate any signs of weakening.
On the Upside the crowded zone between 24,680 and 25,200 levels remained too strong for buyers to break through. This zone has not been really challenged since August 2022, therefore investors are going to required extreme determination to build any foothold above this region. Besides that, the break above the trendline was brief and has since been re-established as a resistance level. The session’s intra-day resistance is at 23,800 while major resistances are noted at 24,400, 24,680, and 25,200.
On the Downside the session’s initial support is shown near the 23,400 level. The supports below this zone remain unchanged at 22,800 and 22,300. These are important supports that must be maintained in order to maintain the bullish excitement and go for higher levels. Any selling pressure below 22,300 could result in a higher time-frame reversal, with initial objectives of 20,650 and 20,410.
