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Bitcoin on a Bullish Run - Is It Going After $23K?

Bitcoin on a Bullish Run – Is It Going After $23K?

Posted Friday, July 8, 2022 by
Skerdian Meta • 2 min read

Bitcoin increased by nearly 10% and broke through the $22,000 resistance level against the US dollar. BTC may correct lower, but bulls could be active near $21,250. BITCOIN jumped and broke through a significant barrier near the $22,000 mark.

The price currently exceeds the $21,500 level and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there was a break beyond a key soaring channel with resistance near $21,125. The pair could correct lower, but the bulls could hold the $21,250 support.

Bitcoin’s Price Has Begun a New Surge

Bitcoin’s price has formed a base above $20,000 per coin. BTC began a substantial rise by breaking through the $20,500 and $20,800 resistance levels. The price increased dramatically and surpassed the $21,500 mark. It surpassed the $22,000 mark and closed above the 100 hourly simple moving average. The price has formed a high near $22,498 and is now consolidating gains.

BTC/USD

It is trading well above the 23.6 percent Fib retracement level of the recent increase from the swing low of $19,750 to the high of $22,498, reached on March 1. On the upside, the price is encountering resistance near $22,450 and $22,500.

The next major resistance level is around $22,800. A close above the $22,800 resistance level may set the stage for a test of the $23,200 level. Any further gains could pave the way for an increase to the $24,000 mark. The next major barrier is located near the $25,000 mark.

Dips Accepted in BTC?

If Bitcoin fails to break through the $22,500 resistance level, it may begin a downward trend. On the downside, there is immediate support near the $21,850 level. The next significant support is near the $21,250 level or the broken channel trend line zone.

It is close to the 50% Fib retracement level of the recent rise from the $19,750 swing low to the $22,498 high. A close below the $21,250 support level could trigger a price as low as $20,500. In the stated case, there is a risk of a move towards the $20,000 level. Good luck!

 

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