Bitcoin Price Skyrockets to $25,000, Medium-Term Dips Present Attractive Opportunities
The price of Bitcoin has risen significantly, increasing by over 10% and surpassing the $24,000 resistance level.
The price of BITCOIN has risen significantly, increasing by over 10% and surpassing the $24,000 resistance level. The cryptocurrency traded near $25,000 and is expected to continue its upward trajectory in the near future. There is a prevailing sentiment that the current support will enable the coin to experience further gains.
BITCOIN has shown signs of building a robust support base above the $22,000 level, indicating an increase in the cryptocurrency’s price. As a result, BTC started a significant climb, overcoming several hurdles located near the $23,000 resistance area.
Moreover, during the upward trend, the BTC/USD pair was able to break above a couple of continuation patterns at $22,900 on the hourly chart. It even surpassed the $24,000 resistance zone and settled above the 100 hourly simple moving average.
As a result of this growth, a new weekly high of approximately $24,899 was reached, and the coin is now consolidating gains. Furthermore, BITCOIN is currently trading well above the 23.6% Fibonacci retracement level of the recent rally, which extends from the $21,505 swing low to the high of $24,899.
Moving forward, the immediate resistance for BITCOIN is near the $24,800 level, with the next significant hurdle being the $25,000 zone. A clear and decisive movement beyond the $25,000 resistance level could signal another steady increase for the cryptocurrency.
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