Bitcoin Price Gearing For Lift-Off to $23K But This Level Is The Key

Bitcoin price is attempting an upside correction above the $22,000 resistance. BTC must clear $22,350 and $22,400 to continue higher in the near term.

• Bitcoin is slowly moving higher above the $21,800 and $22,000 levels.
• The price is trading above $21,800 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $22,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue higher if there is a clear move above $22,350 and $22,400.

Bitcoin Price Recovers Post US CPI

Bitcoin price remained stable above the $21,500 support zone. Yesterday, the US CPI report was released, which came in at 6.4% (YoY), down from 6.5%. There were swing moves in BTC, but the price finally managed to start a recovery wave.

The price was able to clear the $21,800 and $22,000 resistance levels. The price spiked above the $22,300 level. A high is formed near $22,331 and the price is now correcting lower.

Bitcoin price traded below the 23.6% Fib retracement level of the recent wave from the $21,505 swing low to $22,331 high. It is now trading above $21,800 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $22,000 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $22,350 level. The next major resistance is near the $22,400 zone. A clear move above the $22,400 resistance might start a steady increase.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $22,800 level. The next resistance could be near the $23,250 level, above which btc price might rise towards the $23,750 resistance zone.

Fresh Decline in BTC?

If bitcoin price fails to clear the $22,400 resistance, it could start another decline. An immediate support on the downside is near the $22,050 zone and the trend line.

The trend line is near the 50% Fib retracement level of the recent wave from the $21,505 swing low to $22,331 high. The next major support is near the $21,800 level, below which the price might decline towards the $21,500 support.

Technical indicators:

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

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

Major Support Levels – $22,000, followed by $21,800.

Major Resistance Levels – $22,350, $22,400 and $22,800.

Source