Bitcoin Price Analysis: BTC Eyes Fresh Run To $25K
Bitcoin price is rising above $22,000 against the US Dollar. BTC might gain bullish momentum if there is a clear move above the $23,800 zone.
Bitcoin Price Analysis
Bitcoin price started a decent increase from the $19,000 support zone. There was a steady increase above the $20,500 and $20,800 resistance levels.
The upward move gained strength above the $21,000 level. There was also a break above a major bearish trend line with resistance near $20,400 on the 4-hours chart of the BTC/USD pair. The pair broke the $22,000 barrier and tested the $23,800 zone.
A high is formed near $23,800 and the price is now consolidating gains. An immediate resistance on the upside is near the $23,800 level. The first major resistance is near the $24,000 level.
The next major resistance on the upside is near the $24,250 level, above which the price could rise towards the $25,000 zone. Any more gains might send the price towards the $26,000 zone. If there is no upside break, the price might start a downside correction below $23,200.
An initial support is near the $22,800 level. It is near the 23.6% Fib retracement level of the upward move from the $18,892 swing low to $23,800 high.
The next key support is near the $21,350 level. It is close to the 50% Fib retracement level of the upward move from the $18,892 swing low to $23,800 high. Any more losses might call for a move towards the $20,800 support zone or the 55 simple moving average (4-hours).
Looking at the chart, bitcoin price is clearly trading above $22,500 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above $23,800 level in the near term.
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $22,650 and $21,350.
Key Resistance Levels – $23,800, $24,000 and $25,000.
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