Bitcoin’s price rose to $23,500 above its resistance level against the US Dollar. If the BTC stays above $23,500, it could see a new increase.
- Bitcoin saw a steady increase over the $23,500 mark.
- The price traded above $23,500 and the simple 100-hour moving average.
- A key bullish trend line is emerging with support at $23,500 (data feed Kraken).
- For a new increase to occur in the short term, both must break through the $24,000 barrier.
Bitcoin Price Remains Supported
Bitcoin prices remained stable at $23,000 to $23,200 levels. Bitcoin price reached a level above $23,200 and then began to rise again.
The price moved above the $23,500 resistance area. Bulls managed to move the price higher than the $24,000 resistance area. There was also a close below the simple moving average 100 hours. A spike was seen above the $24,200 mark.
Near $24,285 was the high and now it is correcting lower. A break below $24,000 was observed. Bitcoin prices fell below 23.6% Fib Retracement levels of the upward movement from $22,845 swing low, to $24,285 high.
The price was stable at or above $23,600. On the hourly chart for the BTC/USD pair, there is a bullish trend line that forms with support at $23,500.
Source: BTCUSD from TradingView.com
Surprisingly, a resistance level is located near $24,000. Near the $24,200 level is the next major resistance. The steady rise could be initiated by a close to the $24,200 zone. If the previous scenario is true, then the price might rise to $25,000 above resistance.
BTC Downside Break
Bitcoin could begin a downtrend if it fails to break the $24,000 resistance level. The $23,600 level is an immediate support for the downside.
Near the $23,500 mark is now the next significant support. The Fib level is close to the 50% Fib Retracement level for the upward movement from $22,845 low to $24,285 high. The price could move to $23,000 if it closes below the $23,500 mark. A loss of more than $23,500 could lead to a price increase towards $22,500.
Technical indicators
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 – $23,600, followed by $23,500.
Major Resistance Levels – $24,000, $24,200 and $24,500.