Bitcoin Key Indicators Suggest A Strengthening Case For Rally To $25K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price extended its rise and traded above $24,000 against the US Dollar. BTC is currently correcting lower and it could find a strong support near $23,000 or $22,780.

Bitcoin rallied further and it traded to a new all-time high above the $24,000 level.
The price is now correcting below $23,500, but it is well above the 100 simple moving average (4-hours).
There was a break above a key contracting triangle with resistance near $23,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to find a strong buying interest near $23,000 or $22,780.

Bitcoin Price Sets New ATH

In the past few days, there was a steady rise in bitcoin price above the $20,000 resistance against the US Dollar. The BTC/USD pair broke many hurdles near $22,000 and $23,000 to extend its rally.

During the recent increase, there was a break above a key contracting triangle with resistance near $23,100 on the 4-hours chart of the BTC/USD pair. The pair climbed above the $24,000 resistance and settled well above the 100 simple moving average (4-hours).

A new all-time high was formed near $24,260 and the price is currently correcting lower. There was a break below the $23,500 support level. The price even tested the 50% Fib retracement level of the recent increase from the $22,320 swing low to $24,260 swing high.

Source: BTCUSD on TradingView.com

Bitcoin is approaching a couple of key supports near the $23,000 level. The 61.8% Fib retracement level of the recent increase from the $22,320 swing low to $24,260 swing high might also act as a support at $23,060.

The next major support is near the $22,780 level. Any more losses could lead the price towards the $22,320 swing low or even $22,000.

More Upsides in BTC?

Once the current correction wave is complete in bitcoin, it could start a fresh increase from $23,000 or $22,000. An initial resistance on the upside is near the $23,650 level.

The first major resistance is near the $24,000 level. A clear break above the $24,000 resistance level could open the doors for a new all-time high above $24,260.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 60 level.

Major Support Level – $23,000

Major Resistance Level – $24,000

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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