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The $24K-$25K region is currently providing the most significant resistance for Bitcoin on the daily timeframe. It’s also a vital psychological level, as it has been the main barrier during the last eight months.
However, due to the recent bullish stage of the market, the price has surged and reached the $24K region. Yet, the bulls failed to push the price above it, and it was rejected. Also, a prolonged bearish divergence between the price and the RSI indicator increases the likelihood of a short-term correction.
Nevertheless, the cryptocurrency might retest the 200-day moving average and the broken trendline before initiating another rally, aiming for $25K.
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