TA: Bitcoin Price Breaks $24K, Why BTC Could Rise Further To $25K

Bitcoin gained pace and cleared the $24,000 resistance against the US Dollar. BTC could rise further towards $25,000 if it stays above the $23,000 support.

• Bitcoin remained in a positive zone and climbed above the $24,000 resistance zone.
• The price is now trading above the $23,000 level and testing the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $23,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to rise if it clears the $23,750 and $24,000 levels.

Bitcoin Price Remains In Uptrend

Bitcoin price started a steady increase after it cleared the $23,000 resistance zone. BTC gained pace for a move above the $23,500 resistance level.

The price even broke the $23,750 level and settled above the 100 hourly simple moving average. Finally, it spiked above the $24,000 level. A high was formed near $24,264 and the price is now consolidating gains. There was a minor downside correction below the $23,750 level.

Bitcoin traded below the 38.2% Fib retracement level of the upward move from the $21,405 swing low to $24,264 high. However, the bulls were active near the $23,000 support zone.

There is also a key bullish trend line forming with support near $23,200 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,750 level. The next key resistance is near the $24,000 zone.

Source: BTCUSD on TradingView.com

A close above the $24,000 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.

Dips Supported in BTC?

If bitcoin fails to clear the $23,750 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,200 level.

The next major support now sits near the $23,000 level and the trend line zone. It is also close to the 50% Fib retracement level of the upward move from the $21,405 swing low to $24,264 high. A clear move below the trend line support might send the price towards $22,250 and the 100 hourly SMA.

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 – $23,000, followed by $22,750.

Major Resistance Levels – $23,750, $24,000 and $25,000.

Source