Bitcoin experienced a renewed increase over the $23,000 resistance area against the US Dollar. BTC may continue its climb towards $25,000 resistance.
- Bitcoin saw a new increase, and it climbed over the $23,000 barrier.
- The price has traded at or above $23,000, and is currently trading in excess of the simple moving average 100 hours per hour.
- A short-term contracting triangle is emerging with resistance at $24,000 (data feed Kraken).
- To continue rising in the short term, the pair needs to clear $24,000 of resistance.
Bitcoin Price Rises Steadily
The Bitcoin price was well above $22,000 and has remained there. The price formed a new base at $22,500 and began a renewed rise. It was able gain momentum to move higher than the $23,000 resistance level.
Bulls drove the price higher than the $23,500 level. It traded at $24,198 after a spike above the $24,000 mark. The price is currently above the $23,000 mark and the 100-hourly simple moving average. A short-term contracting triangle is also emerging with resistance close to $24,000 in the hourly charts of the BTC/USD pairs.
The price is trading at 23.6% Fib Retracement of the upmove from the $20.696 swing low, to the $24,198 high. Bitcoin prices are facing resistance at the $24,000 mark.
Source: BTCUSD from TradingView.com
Near the $24,200 resistance zone is the next major resistance. The pace could be set for further gains if the resistance zone is crossed at or near $24,200. If the previous scenario is true, then the price might rise to the $24,500 mark. Next comes resistance at the $25,000 point.
BTC Dips Limited
A downside correction could occur if bitcoin does not clear the $24,000 resistance area. Support for the downside lies near $23,740.
Now, the next significant support is located near $23,370 or $23,350. If the market loses more, it could push the price to the 50% Fib level of the upward movement from $20,696 low at $22,450 to $24,198 high. The downtrend could be reactivated if the price closes below $22,450.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting towards 60.
Major Support Levels – $23,740, followed by $23,350.
Major Resistance Levels – $24,000, $24,200 and $25,000.