Bitcoin Price Surge Could Extend Above $24K, Indicators Turn Green


Bitcoin has gained a higher pace from the $23,000 resistance against the US Dollar. BTC could rise further towards $24,000 if it stays above the $22,750 support.

  • Bitcoin is up more than 5% and there was a move above the $23,000 resistance area.
  • The price is now trading above the $22,750 level and is testing the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may continue to rise if it clears the $23,500 and $22,750 levels.

Bitcoin price starts a new increase

Bitcoin price started a decent increase After it managed to settle above the $22,000 resistance area. BTC gained pace to move above the $23,000 resistance level.

The price even broke the $23,500 level and settled above the 100 hourly simple moving average. A top formed near $23,782 and the price is now consolidating its gains. There was a slight downside correction below the $23,500 level.

Bitcoin traded below the 23.6% Fibonacci retracement level from upward movement From the swing low of $21403 to $23.782. However, the bulls were active near the $23,000 support area.

There is also a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,500 level. The next major resistance is near the $23.750 area.

Bitcoin price

Source: BTCUSD on TradingView.com

A close above the $23,750 resistance area could set the pace for further upside. In the mentioned case, the price may rise towards the $24,000 level. The next major resistance is near the $24,500 level.

Supporting Bitcoin dips?

If Bitcoin fails to clear the $23,500 resistance area, it may start a downside correction. There is immediate support on the downside near the $23,000 level.

The next major support is now near the $22,750 level and the trend line area. It is also close to the 50% Fib retracement level of the upward move from the $21403 swing low to $23782. A clear move below trend line support could send the price towards $21,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Key support levels – $22.750, followed by $22,500.

The key resistance levels are $23,500, $23,750, and $24,000.



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