12-Hour Analysis:
Big Picture: Price has been quite volatile on both sides in recent weeks. Yet, a three-drive upside pattern with a weakening indicator is starting to emerge, signifying a potentially cautious approach going forward. If sellers eventually return, they may be able to drive a stronger downward trend this time. But, in the short term, a consolidation range between 25,000 to 24,000 levels is being developed.
On the Upside a handful of intraday resistances are still holding firm and preventing potential breakout efforts. Bitcoin is still seeing early resistance at the 24,670 mark, followed by 24,900. Over them, the next resistance levels are at 25,200 and 25,500. Both of these are extremely strong resistances, and no daily candle has closed over them in almost 275 trading sessions. This shows the significance of this resistance level. Daily session closing above 25,500 level would be a very positive sign for the bulls who would then re-target the 26,200 to 26,600 level initially and possibly higher into 28,750.
On the Downside minor supports have been created at levels ranging from 24,200 to 24,050. Throughout the previous session, these supports have kept the price from sliding any lower. Below these initial supports, the next levels of support are at 23,950 to 23,700. These are important levels of support. Since June 2022, Bitcoin has struggled to persist beyond these levels, and any acceptance above this level has been temporary. If these supports are violated again, the price will fall into the 23,200 level, and possibly even lower into 22,800 and 22,550.
