FX.co ★ Bitcoin challenging support, 23,250 today's low as obstacle

The price of Bitcoin crashed in the short term and now is trading at 23,317. BTC/USD dropped by 4.16% from yesterday's high of 24,258. The current sell-off forced the altcoins to drop as well.

Earlier today, the US reported positive economic data which could have an impact on BTC/USD as well. The Non-Farm Employment Change and Unemployment Rate came in better than expected and boosted the USD. In the last 24 hours, Bitcoin is down by 1.86% but it's still up by 1.94% in the last 7 days.

BTC/USD Flag Pattern?

Technically, it has failed to take out the 23,815 - 23,954 resistance zone. It has registered only false breakouts signaling exhausted buyers. Now, it challenges the weekly pivot point of 23,344 and the inside sliding line (sl).

It's trapped between the upper median line (uml) and the sliding line (sl). This could represent a flag pattern, a bullish formation.

BTC/USD Outlook!

A bearish closure below 23,250 and under the sliding line may announce a larger drop toward the median line (ml). The S2 of 22,735 could represent the first target.