2023-2-21 06:04 |
Bitcoin price is attempting an upside break above the $25,000 resistance. BTC could gain pace and rally if it settles above the $25,000 resistance zone.
Bitcoin is struggling to clear the key $25,000 resistance zone. The price is trading below $24,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $24,580 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rally if there is a close above the $25,000 resistance zone. Bitcoin Price Eyes Upside BreakBitcoin price remained well supported above the $24,500 pivot zone. BTC mostly traded in a range and remained well bid for a move higher above $25,000.
However, the bears seem to be active near the $25,000 and $25,200 levels. It remained stable above the 50% Fib retracement level of the upward move from the $23,867 swing low to $25,117 high. The price is now attempting a fresh upside break above the $25,000 resistance zone.
Bitcoin price is also trading below $24,500 and the 100 hourly simple moving average. Besides, there is a key bullish trend line forming with support near $24,580 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $25,100 level. The next major resistance is near the $25,200 zone. A clear move above the $25,200 resistance might start a strong rally. In the stated case, the price may perhaps rise towards the $26,200 level. The next resistance could be near the $27,500 level, above which the bulls could aim a test of $28,000.
Dips Supported in BTC?If bitcoin price fails to clear the $25,200 resistance, it could start a downside correction. An immediate support on the downside is near the $24,600 zone and the trend line.
The next major support is near the $24,350 zone or the 61.8% Fib retracement level of the upward move from the $23,867 swing low to $25,117 high. If there is a downside break, the price might decline towards $24,000. The next major support is near the $23,570 level, below which the price might decline towards the $23,380 support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $24,580, followed by $24,350.
Major Resistance Levels – $25,100, $25,200 and $26,200.
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