Bitcoin is slowly moving lower below $24,500 against the US Dollar. BTC could drop in the short-term if it stays below the 100 hourly SMA. Bitcoin started a downside correction after it failed to settle above $25,000. The price is now trading below the $24,500 level and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses below the $23,780 and $23,500 support levels in the short-term. Bitcoin Price Breaks Support Bitcoin price attempted another increase above the $24,500 resistance zone. BTC was able to jump above the $25,000 resistance level and traded to a new monthly high. However, the price failed to stay above the $25,000 level. A high was formed near $25,200 and the price started a downside correction. There was a move below the $24,800 and $24,500 levels. Besides, there was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below the $24,500 level and the 100 hourly simple moving average. A low is formed near $23,789 and the price is now consolidating losses. There was a minor move above the 23.6% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. On the upside, an immediate resistance is near the $24,300 level and the 100 hourly simple moving averag...
