Bitcoin’s price was supported at $22,650 against the US Dollar. BTC might rally in the event of a move beyond $23,500 resistance.
- Bitcoin trades in an area above $22,500 and $23,500 levels.
- The price traded above the $23,000 mark and the 100 hourly simple moving mean.
- The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $23,200 (data feed Kraken).
- To begin a gradual increase, the pair needs to clear $23,500 of resistance.
Bitcoin Price Faces Key Barrier
The Bitcoin price was above the major support area at $22,400 to $22,500. Bitcoin price saw a significant increase from the $22,800 to $22,950 levels.
Price climbed to above the $23,000 mark and 100 hourly simple moving median. Price reached 50% Fib Retracement of the downmove from $23,477 high to $22,755 lowest.
On the hourly chart for the BTC/USD pair, there was an above-average break of a bearish trend line that provided resistance close to $23,200. Now, the pair trades near $23,300.
Source: BTCUSD at TradingView.com
The Fib Retracement Level of the Downward Move from $23,477 high to $22,755 low is near 76.4%. Next is the $23,500 resistance zone. The price could rise steadily if it closes above the $23,500 zone. If the previous scenario is true, then the price might rise to $24,500 above resistance.
What is the Downside to Bitcoin?
A downside correction could occur if bitcoin does not clear the $23,500 level of resistance. The $23,100 level is an immediate support for the downside.
Now, the $22,750 level is the nearest major support. The price could move toward $22,500 if it closes below the $22,750 threshold. A loss of more than $22,750 could lead to a price increase towards $22,500.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $23,100, followed by $22,750.
Major Resistance Levels – $23,500, $24,200 and $24,500.