Listen to this articleThe price of one bitcoin has risen to above $23,000. If there is a clear move above the $23,500 resistance zone, BTC could start to trend upward.
- The price of bitcoin has risen over the $23,000 support level as it corrects losses.
- Over $23,000 and the 100 hourly simple moving average, the price is currently trading.
- On the hourly chart of the BTC/USD pair, there was a break over a significant bearish trend line with resistance close to $23,000. (data feed from Kraken).
- If the pair overcomes the $23,500 resistance, it may continue to increase and enter a positive zone.
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Price of Bitcoin Forms Reasonable Support
The price of bitcoin stayed strongly bid above the $22,500 support. Above $22,500, a base was created, and BTC began a respectable recovery wave. The resistance levels of $22,800 and $23,000 were clearly broken.
On the hourly chart of the BTC/USD pair, there was also a break over a significant bearish trend line with resistance close to $23,000. The pair advanced beyond the 23.6% Fib retracement level of the significant decrease from the swing high of $24,282 to the low of $22,599 in price.
Above $23,000 and the 100 hourly simple moving average, the price of bitcoin is currently trading. Near the $23,450 region, there is immediate resistance. The crucial slide from the $24,282 swing high to the $22,599 low is close to the 50% Fib retracement level.
The $23,500 area will be the next significant resistance. A definite move above the $23,500 resistance might signal the beginning of a continuous rise. In the aforementioned scenario, the price might increase to around $24,000. The next barrier might be close to the $24,250 mark, after which the price of bitcoin might climb toward the $25,000 barrier.
Support for Dips in Bitcoin
Another downward drop in the price of bitcoin could begin if it is unable to overcome the $23,500 resistance. In the vicinity of the $23,000 region and the 100 hourly simple moving average, there is the immediate support on the downside.
The $22,800 region represents the next significant support. The price may move towards the $22,600 zone if it breaks down below the $22,800 area. Any further losses might necessitate a short-term test of the $22,500 support.
Ethnographic indicators
Hourly MACD: The MACD is currently accelerating out of the positive zone.
RSI (Relative Strength Index) hourly – Currently, the BTC/USD RSI is higher than 50.
Major Support Levels are $23,000 and $22,800, respectively.
$23,450, $23,500, and $24,000 are the three main resistance levels.
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