Bitcoin on the Verge of Breaking Above $25K – Brace for a Buy Trade
Bitcoin was trading near $25,000 before falling against the US dollar. BTC must remain above the $23,500 support level to begin another climb. BITCOIN has begun a new uptrend above the $24,000 resistance level. The price is currently trading above the $23,600 mark and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, there was a break below a strong bullish trend line with support near $24,000. The pair is presently reaching a significant support zone between $23,600 and $23,500.
Bitcoin’s Price has Dropped
Bitcoin’s price increased after breaking through the $24,000 resistance level. BTC surged beyond the $24,200 mark to move more into the green. The price surpassed the $24,500 mark and was trading near the $25,000 mark. A peak was made near $24,900, and the price began to decline. The price fell below the $24,500 support level.
Furthermore, on the hourly chart of the BTC/USD pair, there was a break below a solid bullish trend line with support near $24,000. Bitcoin price went below the 23.6% Fib retracement mark of the upward run from the swing low of $22,686 to the high of $24,901.
The price is now trading above the $23,600 mark and the 100 hourly simple moving average. On the higher side, the next resistance level is near $24,200.
The next major resistance level is at $24,500. A close above the $24,500 resistance level could trigger another rise. In the aforementioned scenario, the price may challenge the $25,000 resistance.
Dips in Bitcoin Limited?
If bitcoin fails to break through the $24,200 barrier level, it may continue to fall. On the downside, immediate support is near the $23,800 mark and the 100 hourly SMA.
It is close to the 50% Fib retracement level of the upward advance from the swing low of $22,686 to the high of $24,901. The next significant support is now at $23,500. If the bears drive the price below the $23,500 support level, a move towards the $23,000 level is possible. Any further declines might push the price down to $22,500.
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