Bitcoin Gain Support at $24,200 – Bulls Eyeing to Target $25,500
Skerdian Meta • 2 min read
Bitcoin is gathering upward momentum versus the US dollar above $24,500. The leading cryptocurrency, BTC, may acquire positive momentum if it breaks through the $25,000 barrier zone. As a result, BITCOIN has begun a new uptrend over the $24,200 barrier level.
The price currently trades above the $24,000 mark and the 100-hourly simple moving average. On the hourly chart of the BTC/USD pair, a significant bullish trend line is forming with support at $24,400. If the pair breaks through the $25,000 barrier, it might acquire bullish momentum.
Bitcoin Price is Gaining Momentum
Bitcoin price attempted to break over the $24,500 barrier level. With a closing above the 100 hourly simple moving average, BTC gathered momentum for a move over the $24,800 barrier. The price even surpassed the $25,000 mark. Before the downward reversal, a high was established at around $25,045. The price fell below the $24,500 support level. The price fell below the 50% Fib retracement level of the upward run from the swing low of $23,600 to the high of $25,045.
On the other hand, the bulls were active at a critical support level of $24,200. The 61.8% Fib retracement level of the upward run from the swing low of $23,600 to the high of $25,045 served as support. On the hourly chart of the BTC/USD pair, a significant bullish trend line is forming with support at $24,400. Bitcoin trades over the $24,000 mark and above the 100 hourly simple moving average.
On the upside, an immediate resistance level is at $24,800. The next significant resistance level is at $25,000. Closing over the $25,000 resistance level might signal the start of another uptrend. In the scenario above, the price may test the $25,800 barrier. Any further rises might push the price up to $26,200.
Dips Accepted in BTC?
If Bitcoin fails to break above the $25,000 barrier level, it may begin a downward trend. On the downside, there is immediate support at the $24,600 level. The next key support is located at the $24,500 mark, the trend line, and the 100 hourly SMA.
If the bears drive the price below the $24,500 support level, a move towards the $24,200 level is possible. Any further declines might push the price down to $23,500. Good luck!