Bitcoin price found support above $22,500 and rose more than 6% against the US Dollar. BTC has broken several hurdles and may rise further towards the $25,000 resistance.
- Bitcoin started a new rally after finding strong bids above $22,500.
- The price is now trading above the $23,500 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $23,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is forming a bullish breakout pattern and may rise towards $25,000.
Bitcoin price breaks resistance
Bitcoin price It remains well supported above the $22,500 area. BTC formed a double bottom pattern near the $22,500 level and started a strong rally.
There was a move above the $23,000 and $23,500 resistance levels. The price even rose above $24,000 resistance. There was a break above the major downtrend line with resistance near $23,350 on the hourly chart of the BTC/USD pair.
Bitcoin price broke the resistance at $24,200 and traded as high as $24,488. It is now consolidating gains above the $24,200 support area. It is also well above the 23.6% Fib retracement level of the upward move from the $22,685 to $24,488 swing low.
Source: BTCUSD on TradingView.com
On the upside, there is an immediate resistance near the $24,450 level. The next major resistance is near the $24,500 area. A close above the $24,500 resistance area could trigger another rally. In the mentioned case, the price may rise towards the $25,000 resistance.
Dips Limited in BTC?
If Bitcoin fails to clear the $24,500 resistance area, it may correct lower. There is immediate support on the downside near the $24,200 level. The next major support is now near the $24,000 level.
If the bears push the price below the $24,000 support level, there may be a move towards the $23.550 level. It is close to the 50% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high. Any further losses could send the price towards the $23,450 level or the 100 hourly simple moving average.
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key support levels – $24,200, followed by $23,500.
The main resistance levels are $24,450, $24,500 and $25,000.