Bitcoin Price Recovery Could Soon Fade If ETH Fails To Surpass $23K

Bitcoin price is attempting a recovery wave above the $22,250 resistance. BTC is rising, but it might face hurdles near the $23,000 resistance zone.

• Bitcoin is attempting a recovery wave above the $22,250 resistance zone.
• The price is trading above $22,250 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $22,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct higher, but upsides might be capped near the $23,000 zone.

Bitcoin Price Upsides Capped

Bitcoin price found support near the $22,000 support zone. A base is formed and BTC price is slowly moving higher above the $22,250 resistance zone.

There was a move above the $22,400 level. The price is rising above the 23.6% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low. Besides, there was a break above a major bearish trend line with resistance near $22,420 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $22,250 and the 100 hourly simple moving average. An immediate resistance is near the $22,780 level. The next major resistance is near the $22,850 zone. The main barrier is now near the $23,000 zone. It is close to the 50% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low.

Source: BTCUSD on TradingView.com

A close above the $23,000 resistance might start a decent increase towards the $23,500 resistance zone. The next key resistance is near the $23,850 zone, above which the price might rally.

Fresh Decline in BTC?

If bitcoin price fails to clear the $22,780 resistance and $23,000, it could start another decline. An immediate support on the downside is near the $22,500 zone.

The next major support is near the $22,200 zone, below which the bears might aim a retest of $22,000. The next major support is near the $21,200 level. In the stated case, there is a risk of a move towards the $20,500 support zone in the coming sessions.

Technical indicators:

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

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

Major Support Levels – $22,200, followed by $22,000.

Major Resistance Levels – $22,780, $22,850 and $23,000.

Source