BTC could start to trend upward

The 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.

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.