Bitcoin gained momentum and broke the $24,000 barrier against the US Dollar. BTC might rise towards $25,000, if the support of $23,000 is maintained.
- Bitcoin was in a positive zone, and it climbed over the $24,000 resistance.
- Now, the price trades above $23,000 and is testing the simple 100-hour moving average.
- On the hourly chart for the BTC/USD pair, there is support close to $23,200. This trend line forms a bullish signal (data feed Kraken).
- It is possible that the pair will continue its rise if it surpasses $23,750/$24,000.
Bitcoin Prices Remain in Uptrend
The steady rise in Bitcoin prices began after the currency cleared $23,000 resistance. BTC gained momentum to move higher than the $23,500 resistance.
Even breaking the $23,750 threshold, the price settled well above the simple 100-hour moving average. It finally jumped above $24,000. The price has been consolidating its gains since a high of $24,264 was reached. A minor correction was seen below $23,750.
Bitcoin was trading below the 38.2% Fib Retracement level for the upward movement from the $21,405 swing high to the $24,264 low. But, bulls were very active around the $23,000 support level.
A key bullish trendline is also in place with support close to $23,200 at the hourly BTC/USD chart. Bitcoin price may face resistance at the level of $23,750 on the upside. Next is the $24,000 area.
Source: BTCUSD from TradingView.com
The pace could be set for further gains if the price closes above the $24,000 threshold. The price could rise to $24,500 in the above scenario. Near the $25,000 mark is the next significant resistance.
BTC Supported Dips
A downside correction could occur if bitcoin does not clear the $23,750 resistance area. The $23,200 level is an immediate support for the downside.
It is now near the trend line zone and at the $23,000 support level. This is close to 50% Fib level, which marks the retracement of the upward trend from the $21,405 swing high to $24,264 low. If the trendline support is breached, the price could fall to $22,250 or the 100-hourly SMA.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $23,000, followed by $22,750.
Major Resistance Levels – $23,750, $24,000 and $25,000.
