Bitcoin prices reached support at $22,500, and have risen more than 6% against US Dollars. BTC may surpass many barriers and could rise to the $25,000 barrier.
- After it received strong bids over $22,500, Bitcoin saw a new increase.
- The price has traded at or above $23,500, and is currently trading in excess of the 100 hourly simple moving mean.
- A break occurred above a crucial bearish trend line, with resistance close to $23,350 in the hourly chart for the BTC/USD pair. (Data feed from Kraken).
- This pair may form a bullish breakout and rise to $25,000.
Bitcoin Price Breaks Resistance
The Bitcoin price was well supported at $22,500. BTC formed an unusual double bottom near $22,500 and began a sharp increase.
The price moved above the $23,000 resistance and $23,500 support levels. Even higher than the $24,000 resistance, the price surged. The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $23,350.
Bitcoin prices even crossed the $24,200 resistance, and reached as high as $24,488. Now, it is consolidating gains beyond the $24,200 resistance zone. The 23.6% Fib Retracement Level of the Upward Move from $22,685 low to $24,488 high is well also in the sights.
Source: BTCUSD at TradingView.com
Surprisingly, a resistance level is located near $24,450. Next is the $24,500 level. Another increase could be initiated if the price closes above $24,500. The price could rise to $25,000 if the resistance zone is breached.
BTC Dips Limited
Bitcoin could fall below the $24,500 resistance level if it fails to break through. A support level near $24,200 is immediate. Near the $24,000 mark is now the next significant support.
The bears could push the price lower than the $24,000 level to trigger a possible move towards $23,550. The Fib level for the upward movement from $22,685 low to $24,488 high is close at 50%. If the market loses more, it could push the price to the $23,450 mark or the 100-hourly simple moving average.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $24,200, followed by $23,500.
Major Resistance Levels – $24,450, $24,500 and $25,000.