Bitcoin and Ethereum Price Explodes To New Highs; BTC Bulls Aim For $25K Rally
Arslan Butt • 2 min read
At the $22,400 level, Bitcoin’s price began an upward trend. After reaching a new yearly high, BTC targets the next resistance level of $24,000.
The price of bitcoin saw a decline lower than the $23,000 threshold. But BTC was still rather well bid around the $22,400 area. A bottom developed close to $22,341, and a new upswing has begun. At the same time, the $23,000 threshold was decisively breached.
On top of that, the hourly chart of BTC/USD has broken above a strong negative trend line with resistance above $23,000. At $23,829, the pair hit a new yearly high before beginning a period of profit-taking.
The price dipped below the 50% Fibonacci retracement level of the latest upswing from the $22,341 swing low to the $23,829 high. A group of bulls, however, showed up close to the $23,200 support area.
BTC/USD is trading over $23,000 and the 100 hourly simple moving average. Price is now above the 61.8% Fibonacci retracement level of the most recent rise from the swing low of $22,341 to the high of $23,829 (see chart). The $23,400 price point presents near-term resistance.
Above the $23,850 level, the price may acquire bullish momentum. In the scenario presented, the price could approach $24,200. The $24,500 mark may represent the next point of resistance. If the price of bitcoin continues to rise, it may soon reach $25,000.
What would happen if Bitcoin broke under the support zone?
On the downside, if Bitcoin price is unable to break through the $23,400 barrier, further losses are possible. The $23,000 area provides short-term support. The $22,850 area represents the subsequent key support level. A drop below $22,850 might lead to further losses that test the $22,500 support level. The market could quickly drop to $22,350 if losses continue to mount.
The Ethereum price has been recorded today at $1,617.78, with a 24-hour trading volume of $10 billion. Ethereum has seen an increase of 4.43% in the last 24 hours, and its current CoinMarketCap rank is 2, with a market cap of $197 billion.