Bitcoin Price Resumes Uptrend as The Bulls Aim The Key $25K Barrier

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price started another increase above the $23,000 resistance. BTC is rising and the bulls might aim a test of the $25,000 resistance zone.

Bitcoin is gaining pace above the $23,500 resistance zone.
The price is trading above $23,000 and the 100 hourly simple moving average.
There was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further towards $25,000 if it stays above the $23,450 support zone.

Bitcoin Price Starts Increase

Bitcoin price remained well bid above the $22,500 support zone. BTC formed a base and started a fresh increase above the $23,000 resistance zone.

The bulls were able to pump the price above the $23,200 resistance and the 100 hourly simple moving average. The price even cleared the $23,500 resistance zone and traded to a new yearly high at $23,950. During the increase, there was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair.

It is now consolidating below the 23.6% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. Bitcoin price is also trading above $23,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance is near the $23,800 level. The next major resistance is near the $24,200 zone, above which the price might start a strong increase. In the stated case, the price may perhaps rise towards the $25,000 level. The next resistance could be near the $25,500 level. Any more gains might send btc price towards the $26,000 level.

Dips Supported in BTC?

If bitcoin price fails to clear the $23,800 resistance, it could start a downside correction. An immediate support on the downside is near the $23,650 zone.

The next major support is near the $23,450 zone or the 50% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. A downside break below the $23,450 level might send the price towards the $23,150 level. Any more losses might send the price to $22,650 in the near term.

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 above the 50 level.

Major Support Levels – $23,450, followed by $23,200.

Major Resistance Levels – $23,800, $23,950 and $24,200.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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