Bitcoin has resumed its rise above the $23,000 resistance level versus the US dollar. Bitcoin could continue to surge toward the $25,000 resistance level. BITCOIN began a new uptrend and surpassed the $23,000 resistance level. The price currently trades above the $23,000 mark and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, a short-term contracting triangle is forming with resistance near $24,000. The pair needs to break through the $24,000 resistance level to continue upward in the short term.

Bitcoin’s Value is Rising Steadily

Bitcoin’s price has held far above the $22,000 support level. It established a base above $22,500 and began a new upward trend. The price was able to pick up speed to break through the $23,000 resistance zone.

Bulls pushed the price above the $23,500 resistance level, surpassing the $24,000 mark, trading as high as $24,198. It trades above the $23,000 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a short-term contracting triangle is forming with resistance near $24,000.

It is also trading far above the 23.6 percent Fib retracement level of the upward advance from the swing low of $20,696 to the high of $24,198. Bitcoin is encountering resistance near the $24,000 mark.

The next major resistance level is at $24,200. A closure above the $24,200 resistance level may set the tone for further increases. In the aforementioned situation, the price may jump to $24,500. The next big barrier is located near the $25,000 mark.

Dips in Bitcoin Limited?

If Bitcoin fails to break through the $24,000 barrier level, it may begin a downward trend. There is immediate support near the $23,740 mark on the lower side.

The next significant support is at the $23,370 and $23,350 levels. Any further losses might push the price to the $22,450 Fib retracement level of the upward run from the $20,696 swing low to the $24,198 high. A close below the $22,450 support level may relaunch the downturn.