BTC Price Could Reach Above $24,000 Mark
BTC price is moving quickly over the $23,800 resistance level as compared to the US Dollar, and if it can maintain its position above the $22,750 support level, it might achieve a value of $24,000. Later, it increased by more than 5% and moved above the $23,000 resistance level. The price is currently trading over the $23,862 mark and is approaching the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, a large trend line is expected to develop with support close to $22,750. When it passes the $23,500 and $22,750 levels later.
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BTC Price Gets New Rise
When the price of Bitcoin settled above the $22,000 resistance zone, the price started to grow gradually. It then accelerated towards a move over the $23,000 barrier zone.
The value rose over the 100 hourly simple moving average after breaking beyond the $23,500 mark. In this scenario, the value of bitcoin may significantly grow. Value in the market now consists of consolidating gains. But as a result, under the $23,500 barrier, people will face a little negative correction.
The market has witnessed bitcoin trade below the upward movement’s 23.6 percent Fibonacci retracement barrier, where the peak was $23,782 and the low swing was $21,403. But the Bulls put in plenty of effort close to the $23,000 support zone.
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On the hourly chart of the BTC/USD pair, another trend line will be visible in the market that was drawn with support at $22,750. The value of the BTC may encounter resistance close to the $23,500 level as the price increases to the upside. The following key resistance level is then shown close to the $23,750 region.
By accelerating the pace for more upsides, a value close to the $23,750 resistance zone might rise. The price can rise to $24,000 when addressing the specified instance. The market may potentially encounter the following significant barrier somewhere around the $24,500 mark.
Support for Dips in Bitcoin
If BTC price is unable to overcome the $23,500 resistance level, a negative correction might start. It can find quick support on the downside, which is close to the $23,000 level.
The trend line zone and the $22,750 level are the closest significant supports. The line is close to the upward movement’s 50% Fib retracement level when the market saw swing lows at $21,403 and highs at $23,782. However, a definite move under the trend line’s support will cause the price to go in the direction of $21,500.
Technical Signs
Hourly MACD: When in the bullish zone, the MACD might accelerate.
Relative Strength Index (RSI) on an hourly basis It’s for bitcoin or the dollar, which has risen beyond the 50-level mark.
Significant Support Levels: In this instance, the value drops to $22,500 after reaching $22,750.
Therefore, the value is rising in the following ways: $23,500, $23,750, and $24,000.
