Bitcoin Price Breaks $24K, Why BTC Could Rise Further To $25K


Bitcoin gained pace and ditched the $24,000 resistance against the US Dollar. BTC could rise further towards $25,000 if it stays above the $23,000 support.

  • Bitcoin remained in positive territory and rose above the $24,000 resistance area.
  • The price is now trading above the $23,000 level and testing the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $23,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may continue to rise if it clears the $23,750 and $24,000 levels.

Bitcoin price is still on the rise

Bitcoin price started a fixed increase After it cleared the $23,000 resistance area. BTC gained pace to move above the $23,500 resistance level.

The price even broke the $23,750 level and settled above the 100 hourly simple moving average. Finally, it surged above the $24,000 level. A high formed near $24,264 and the price is now Gains Boost. There was a slight downside correction below the $23.750 level.

Bitcoin traded below the 38.2% Fibonacci retracement level of the upward move from the swing low $21405 to $24264 high. However, the bulls were active near the $23,000 support area.

There is also a major bullish trend line forming with support near $23,200 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,750 level. The next major resistance is near the $24,000 area.

Bitcoin price

Source: BTCUSD on TradingView.com

A close above the $24,000 resistance area may set the pace for further gains. In the mentioned case, the price may rise towards the $24,500 level. The next major resistance is near the $25,000 level.

Supporting Bitcoin dips?

If Bitcoin fails to clear the $23,750 resistance area, it may start a downside correction. There is immediate support on the downside near the $23,200 level.

The next major support is now near the $23,000 level and the trend line area. It is also close to the 50% Fib retracement level of the upward move from the $21405 swing low to $242644. A clear move below trend line support could send the price towards $22,250 and the hourly 100 SMA.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $23,000, followed by $22,750.

Key resistance levels – $23.750, $24,000 and $25,000.



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