Bitcoin Breaking Above $24,000 – Buyers Brace for $25,500 - Forex News by FX Leaders
Bitcoin Breaking Above $24,000 - Buyers Brace for $25,500

Bitcoin Breaking Above $24,000 – Buyers Brace for $25,500

Posted Thursday, August 11, 2022 by
Skerdian Meta • 2 min read

Bitcoin established stability at over $22,500 and increased by more than 6% versus the US dollar. BTC has overcome several obstacles and may continue to surge towards the $25,000 barrier level. BITCOIN began a new uptrend after finding strong offers above $22,500.

The price currently trades above the $23,500 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there was a break over a critical negative trend line with resistance above $23,350. The pair is building a bullish breakout pattern and may surge above $25,000 in the near future.

Bitcoin Price Breaks Through Resistance

Bitcoin’s price has been comfortably sustained at over $22,500. BTC created a double bottom pattern near $22,500 and began a strong rise.

BTC/USD

The price broke through the $23,000 and $23,500 barrier levels. The price even broke through the $24,000 barrier. On the hourly chart of the BTC/USD pair, there was a break over a critical negative trend line with resistance above $23,350.

Bitcoin price went beyond the $24,200 barrier and soared as high as $24,488. It has now begun to consolidate gains over the $24,200 support level. It is also far above the 23.6% Fib retracement level of the upward run from the swing low of $22,685 to the high of $24,488.

On the upside, an immediate resistance level is at $24,450. The next major resistance level is at $24,500. A closing above the $24,500 resistance level might trigger another rise. In the above scenario, the price may advance to the $25,000 barrier level.

Dips in Bitcoin Limited?

If Bitcoin fails to break over the $24,500 resistance level, it may correct lower. On the downside, there is immediate support at the $24,200 level. The next significant support is now close to around $24,000.

If the bears drive the price below the $24,000 support level, it may fall to the $23,550 level. It is close to the 50% Fib retracement level of the upward advance from the swing low of $22,685 to the high of $24,488. Any further losses might push the price below the $23,450 level or the 100 hourly simple moving average.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments