Bitcoin’s price has accelerated above the $23,500 resistance level against the US dollar. If BTC remains above the $23,500 pivot level, it may begin a new uptrend. However, BITCOIN has begun to rise steadily above the $23,500 mark. The price currently trades above the $23,500 level and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, a key bullish trend line is forming with support near $23,500.The pair must break through the $24,000 resistance level to begin a new uptrend in the near term.

Bitcoin Price Remains Stable

Bitcoin’s price remained stable between $23,000 and $23,200. The price formed a base above the $23,200 level and began a new upward trend.

The price has moved above the $23,500 resistance level. The bulls successfully pushed the price above the $24,000 resistance zone, and the price closed above the 100 hourly simple moving average. As a result, there was an increase above the $24,200 mark.

A high near $24,285 was formed, and the price is now correcting lower. A break occurred below the $24,000 level. Bitcoin price fell below the 23.6 percent Fib retracement level of the upward move from the swing low of $22,845 to the high of $24,285.

The price, however, remained stable, just above the $23,600 mark. On the hourly chart of the BTC/USD pair, a key bullish trend line is forming with support near $23,500.

On the upside, an immediate resistance level is near $24,000. The next major resistance level is around $24,200. A close above the $24,200 resistance level could signal the start of a steady rise. The price may break through the $25,000 resistance in the stated scenario.

BTC Downside Break?

It may begin a downward trend if Bitcoin fails to break through the $24,000 resistance level. On the downside, there is immediate support near the $23,600 level.

The next major support is now around $23,500. It is close to the 50% Fib retracement level of the upward move from the swing low of $22,845 to the high of $24,285. A close below $23,500 could trigger a move towards $23,000. Any further losses could push the price down to $22,500. Good luck!