Bitcoin

The price of bitcoin began a sharp rise above the $22,000 resistance level. Bitcoin picked some bullish vigor and was able to break through the $23,500 resistance to go deeper into the green.The price has increased by nearly 15% and has obliterated the $24,000 resistance area. At $24,599, a high has formed, and the price is still extending advances. In the hourly chart of the BTC/USD pair, a short-term rising channel is also forming, with support located close to $24,220.The price of bitcoin is currently trading over $24,000 and above the 100 hourly simple moving average. It is also significantly above the 23.6% Fib retracement level of the upward movement from the $24,599 high to the swing low of $19,550.Near $24,580 is where immediate resistance is located. The $24,620 region is the next significant resistance. An advance towards the $25,000 obstacle might be reignited by closing above the $24,620 resistance. The next important barrier is in the $25,200 zone, above which the price might develop upward momentum and test $26,500.The price of bitcoin may correct lower if it is unable to overcome the $24,620 resistance. The $24,220 area and the channel&#39;s lower trend line provide immediate support on the downside.Below this level, the price could go as low as $22,800. The next significant support is close to the $23,500 area. The 50% Fib retracement level of the upward movement from the $19,550 swing low to $24,599 high, or the $22,000 level, serves as the next significant support. The price may move toward the $21,200 mark and the 100 hourly simple moving average if there are any additional losses.

Bitcoin Price Rally Loses Steam But This Support Might Spark Another Surge

ItsBitcoinWorld

Andere artikelen gepubliceerd op 14 mrt 2023

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