Bitcoin is struggling to break the resistance at $23,650 and faces a potential drop if support fails

Bitcoin Is struggling to clear the $23,650 resistance level and needs to break the $24,000 resistance level to enter a positive zone in the short-term.

After recovering from the $22,750 support area, BTC started rising steadily and found support at $23,200. However, selling pressure was seen below the $24,000 resistance level and a fresh decline occurred after hitting a high near $23,885.

BTC/USD broke below the key rising channel support around $23,450 on the hourly chart and a drop below $23,600 followed. Bitcoin price is now above $23,200 and above the 100 hourly simple moving average. The $23,650 area represents the short term Resistance and the significant barrier is between $23,850 and $24,000.

If Bitcoin manages to break above $24,000, it could trigger a strong move up to the $24,600 resistance zone with the next significant barrier around $25,000. A close above $25,000 could indicate an uptrend and push the price to around $25,800.

However, if Bitcoin fails to break the $23,650 resistance level, the price could continue falling with near-term support at $23,200 and the next significant support at $22,800. If the downtrend continues, the price could drop to $22,200 with the next key support level at $22,000.