Skip to main content

Bitcoin Price Resumes Uptrend as The Bulls Aim The Key $25K Barrier

Bitcoin price started another increase above the $23,000 resistance. BTC is rising and the bulls might aim a test of the $25,000 resistance zone.

  • Bitcoin is gaining pace above the $23,500 resistance zone.
  • The price is trading above $23,000 and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rise further towards $25,000 if it stays above the $23,450 support zone.

Bitcoin Price Starts Increase

Bitcoin price remained well bid above the $22,500 support zone. BTC formed a base and started a fresh increase above the $23,000 resistance zone.

The bulls were able to pump the price above the $23,200 resistance and the 100 hourly simple moving average. The price even cleared the $23,500 resistance zone and traded to a new yearly high at $23,950. During the increase, there was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair.

It is now consolidating below the 23.6% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. Bitcoin price is also trading above $23,000 and the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

An immediate resistance is near the $23,800 level. The next major resistance is near the $24,200 zone, above which the price might start a strong increase. In the stated case, the price may perhaps rise towards the $25,000 level. The next resistance could be near the $25,500 level. Any more gains might send btc price towards the $26,000 level.

Dips Supported in BTC?

If bitcoin price fails to clear the $23,800 resistance, it could start a downside correction. An immediate support on the downside is near the $23,650 zone.

The next major support is near the $23,450 zone or the 50% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. A downside break below the $23,450 level might send the price towards the $23,150 level. Any more losses might send the price to $22,650 in the near term.

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 – $23,450, followed by $23,200.

Major Resistance Levels – $23,800, $23,950 and $24,200.



from NewsBTC https://ift.tt/eWrSswc
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer

On-chain activity suggests that the hacker has sent at least 225 BTC (4.5 million) to OKX so far. Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money.  A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX so far.  1/ Myself and @bax1337 spent this past weekend looking into the FTX attacker’s deposits to ChipMixer. It appears they’ve likely been transferring a portion of the stolen FTX funds to OKX after withdrawing from CM So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX pic.twitter.com/C46JZWtktn — ZachXBT (@zachxbt) November 29, 2022 According to ZachXBT, the FTX h...
Post a Comment
Read more

2 metrics signal the $1T crypto market cap support likely won’t hold

Despite the 8.5% weekly rally in cryptocurrencies, the lack of stablecoin premiums in Asia and futures markets activity shows buyers’ lack of confidence. Cryptocurrencies broke the $1 trillion market capitalization resistance on Oct. 26, which had been holding strong for the previous 41 days. Despite Bitcoin’s ( BTC ) modest 5.5% weekly gains, the aggregate value of 20,000 listed tokens increased by 8.5% between Oct. 24 and 31. Total crypto market cap, USD (in billions). Source: TradingView The cryptocurrency market was positively impacted by a 6.3% weekly rally in the Russell 2000 mid-capitalization stock market index. Some encouraging news accompanied the positive tailwinds from traditional markets. For instance,  55,000 BTC was withdrawn from Binance on Oct. 26, a record high. Typically, analysts consider the reduced number of coins deposited on exchanges a bullish indicator, as the immediate selling pressure eases. Moreover, exchange and wallet provider Blockchain.com ...
Post a Comment
Read more