Bitcoin saw a new increase in price above the $22,000 support zone for the US Dollar. To continue climbing, BTC needs to clear $23,000 and $23,700.
- After the Fed raised interest rates by 75bps, Bitcoin saw a new increase.
- The price has traded at or above the $22,500 mark and the 100 hourly simple moving mean.
- On the hourly chart for the BTC/USD pair, there was an upward movement above a significant bearish trend line. Resistance is near $21,800. (Data feed from Kraken).
- For the next term to be more successful, they must surpass the $23,000 mark.
Bitcoin price starts to rise
Bitcoin prices remained above $21,000 support level. The Bitcoin price formed a support zone above $21,000 and began a new increase. It rose sharply above the $22,000 threshold after the Fed raised its interest rates.
Price was able clear 50% Fib level of key fall from $23,744 swing high, to $20,000.0 low. A break was also seen above the major bearish trendline with resistance at $21,800, on the hourly charts of BTC/USD.
Bitcoin prices are trading well above the $22,500 mark and the 100 hourly simple average. There seems to be a significant resistance in the area of $23,000.
Source: BTCUSD from TradingView.com
Resistance is being provided by the 76.4% Fib Retracement Level of the key fall from $23,744 swing high and $20,750 low. Near the $23,750 area is the next major resistance. The pace of a significant increase could be set if the price closes above the $23,750 zone. The price could rise to $24,500 in the above scenario. Next comes resistance at the $25,000 point.
BTC: More losses
A downside correction could occur if bitcoin does not clear the $23,000 barrier. The $22,500 level is a support area for the downside.
Now, the next significant support is located near $22,150 or $22,000. If the support zone is below $22,000, it could trigger a new downtrend. The price could retest the $21,000 support zone in this scenario.
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 in the overbought zone.
Major Support Levels – $22,500, followed by $22,000.
Major Resistance Levels – $23,000, $23,550 and $23,750.