Bitcoin is struggling at the $24,000 level after finding its perceived low for the cycle in June and surging more than 20% in July, the best month of the year. The cryptocurrency surged above $24,000 twice this week. It also reached that level in late July but failed to hold it there before trying again this week. Although a breakout of this level could open the gates for Bitcoin to test the next high, it won’t necessarily have lasting repercussions, technical analysts say. “I think it’s going to be very, very difficult for Bitcoin to get to $29,000,” Julius de Kempenaer, senior technical analyst at StockCharts.com, said this week. “Sellers raked in around $24,500 last month and buyers haven’t been strong enough to push it past that $24,500. If that happens, that would be positive in the near term, but you have to take everything down in the light of the big ones.” Bitcoin rose as high as around $24,700 at one point on Thursday, albeit temporarily, as investors digested two better-than-expected inflation reports, according to Coin Metrics, it bottomed at $17,601.58 in June and then continued its major comeback in July.Since then, the crypto world has received plenty of good news to keep investor sentiment high, from positive inflation readings and Federal Reserve updates on BlackRock , which offers investors bitcoin trading, to the successful trials of the Ethereum merger slated for September.Yet, much more pain could be on the way after this current rally, technical analysts say, and it is yet to come early to call the bottom.”Bitcoin is weak after completing this massive decline,” de Kempenaer said of the 70 percent pullback ng of cryptocurrency this year. “All of the uptrend that we are seeing right now is in the recovery so we are going against the trend and these are dangerous rallies because they are very fragile.” If bitcoin breaks above $24,000 the upside potential would be around $20,000 limited, he added. On the downside, Bitcoin could fall further to $12,500 if it breaks below its June low. Bitcoin “is oversold in the long term, but needs help discovering and improving long-term momentum to indicate a major bottom has been made,” according to Fairlead Strategies’ Katie Stockton. Mid-September could be a significant turning point for Bitcoin, said Youwei Yang, director of financial analytics at StoneX. For him, $25,000 is the key resistance level for bitcoin. If that can be achieved, there is potential for a “short-term summer rally” to the next key level to test at $28,000, he said — ahead of the Federal Reserve’s Sept. 21 meeting and the Ethereum merger currently scheduled for mid September. Still, after the midterm elections, Yang said he expects a lot more pain until at least early 2023.