Bitcoin Price Gains Momentum, Why The Bulls Could Aim $25K


Bitcoin started a fresh increase above the $23,000 resistance area against the US Dollar. BTC may continue to rise towards the $25,000 resistance area.

  • Bitcoin started a new rally and climbed above the $23,000 resistance level.
  • The price is now trading above the $23,000 level and the 100 hourly simple moving average.
  • There is a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must get rid of the $24,000 resistance to continue rising in the near term.

Bitcoin price is rising steadily

Bitcoin price kept bidding well above the $22,000 support area. It formed a base above the $22,500 level and started to new increase. The price was able to increase the pace of a move above the $23,000 resistance area.

The bulls pumped the price above the $23,500 resistance. It even rose above the $24,000 level and traded at $24198. It is now trading above $23,000 and Simple moving average per 100 hours. There is also a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair.

It is also trading above the 23.6% Fib retracement level of the upward move from the swing low of $20,696 to $24,198. Bitcoin price is facing resistance near the $24,000 level.

Bitcoin price

Source: BTCUSD on TradingView.com

The next major resistance is near the $24,200 area. A close above the $24,200 resistance area could 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.

Dips Limited in BTC?

If Bitcoin fails to clear the $24,000 resistance area, it may start a downside correction. There is immediate support on the downside near the $23.740 level.

The next major support is now near the $23,370 and $23,350 levels. Any further losses could send the price towards the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high at $22,450. A close below the $22.450 support area may restart the downtrend.

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 correcting towards 60.

Key support levels – $23.740, followed by $23,350.

The main resistance levels are $24,000, $24,200 and $25,000.



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