Bitcoin price struggles with resistance at $24,200

After bitcoin’s (BTC) nice rally over the past three days, breaking the USD 24,000 resistance is still a bridge too far. The bitcoin price made an attempt today. Unfortunately, the bulls at that moment no longer have the strength to continue steaming. In this article you can read a short update on the current state of affairs on the market.

Bitcoin price trades above $23,000

Starting with the current price of bitcoin. On crypto exchange Coinbase, it stands at the price point of $23,690. At the Dutch crypto exchange Bitvavo, the bitcoin price in euros is €23,260.

With this, BTC is still trading above the zone of about $23,200. This price zone has previously resisted and after breaking, this zone may now offer support.

Bitcoin was not expected to break through the current USD 24,200 resistance immediately. On the 4-hour chart, the price appeared to be overheating. Nevertheless, traders who entered at the right time have managed to make a nice profit of 15% in recent days.

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Analyst keeps an eye on this BTC price

Although bitcoin has been doing well in recent days, analyst Will Clemente is still cautious to say that we are seeing an actual trend reversal. In a tweet, he writes that he is still waiting for the BTC price to rise above the short-term holder cost basis comes, a on chain indicator.

“I am still waiting for the short-term holder cost base to be recaptured to be confident in a full trend reversal (similar to Spring 2019).

It is 28K, which also coincides with technical resistance. Just something to keep in mind for confirmation.”

Clemente sees regaining that price level as an important confirmation. For now, it remains to be seen how the price will develop in the near future and whether the resistance at $24,200 can be broken.