Bitcoin gained momentum and broke the $24,000 resistance to the US Dollar. If it holds above $23,000, BTC may rise to $25,000
- Bitcoin remained positive and rose above the $24,000 resistance.
- The price has risen to $23,000, and is testing the simple moving average of 100 hours.
- A key bullish trend line is emerging with support at $23,200 on hourly charts of the BTC/USD pair. (Data feed from Kraken).
- If the pair reaches $23,750 and $24,000, it could continue rising.
Bitcoin Price remains in Uptrend
The steady rise in Bitcoin’s price began after it crossed the $23,000 barrier. BTC gained momentum to move above $23,500 resistance.
The price broke through the $23,750 mark and settled above the 100 hourly simple movement average. Finally, the price soared to above the $24,000 mark. The price has been consolidating gains since the high of $24,264. The price corrected slightly below the $23,750 mark.
Bitcoin traded below 38.2% Fib Retracement level, which is the level at which the upward movement from $21,405 swing lows to $24,264 highs was retraced. However, bulls were active at the $23,000 support level.
On the hourly chart for the BTC/USD pair, there is a bullish trend line that forms with support at $23,200. The upside is that bitcoin could come up against resistance near the $23,750 mark. The $24,000 level is the next major resistance.
Source: BTCUSD on TradingView.com
If the price is close to the $24,000 resistance zone, it could lead to further gains. The price could rise to $24,500 in the above scenario. The $25,000 level is the next major resistance.
BTC Supported Dips
Bitcoin could begin a downtrend if it fails to break the $23,750 resistance level. Support for the downside is at the $23,200 level.
The trend line zone and $23,000 are the next major supports. It is also within the 50% Fib level of the upward swing from the $21,405 swing high to $24,264 low. A clear break below the trendline support could send the price towards $22,250, and the 100 hourly SMA.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $23,000, followed by $22,750.
Major Resistance Levels – $23,750, $24,000 and $25,000.