Bitcoin may fall on the eve of new highs

Bitcoin’s price is correcting below the $ 24,500 level. According to cryptocurrency analysts, the BTC $62,349.48 Bitcoin 0.07% Market capitalization $1.23 trillion VOL. 24 hours $0.43 billion rate may drop to the $ 23,500 support level before starting a new growth in the near future.

The flagship cryptocurrency may continue to decline to the $ 24,000 support level. If the price continues to fall, the next major support is near $ 23,850, experts explained.

At the time of writing, BTC is trading above the Fibonacci retracement level: from a high of $ 25,190 to a low of $ 23,867. The nearest resistance is at $ 24,550, close to the 50 percent Fibonacci retracement level.

The Fibonacci retracement level is a technical analysis tool that can help investors and traders identify potential stopping points for price corrections and make appropriate decisions about buying or selling cryptocurrencies.

The upcoming closure of the bitcoin price at $ 25,200 could lead to further growth to $ 25,800. As for the next significant resistance level, analysts expect $ 26,200.

It is worth reminding that many crypto analysts are convinced that the BTC will rise to new highs in the near future. Thus, an expert known as Cred said that bitcoin could repeat the price dynamics of the artificial intelligence token Fetch. ai (FET). The analyst predicted a short pullback for BTC before the flagship cryptocurrency jumps to above $ 44,000 in the coming months.