Analysis

Bitcoin Price Aims Higher, Why BTC Could Surge Past $25K

Bitcoin is gaining bullish momentum above $24,500 in opposition to the US Greenback. BTC might achieve bullish momentum if it clears the $25,000 resistance zone.

  • Bitcoin began a recent improve above the $24,200 resistance zone.
  • The value is now buying and selling above the $24,000 stage and the 100 hourly easy shifting common.
  • There’s a key bullish development line forming with help close to $24,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might achieve bullish momentum if there’s a clear transfer above the $25,000 resistance.

Bitcoin Worth Good points Momentum

Bitcoin worth tried a recent improve above the $24,500 resistance zone. BTC gained tempo for a transfer above the $24,800 stage, with a detailed above the 100 hourly easy shifting common.

The value even spiked above the $25,000 stage. A excessive was fashioned close to $25,045 earlier than there was a draw back correction. There was a transfer under the $24,500 help stage. The value declined under the 50% Fib retracement stage of the upward transfer from the $23,600 swing low to $25,045 excessive.

Nevertheless, the bulls had been lively close to a key help at $24,200. The 61.8% Fib retracement stage of the upward transfer from the $23,600 swing low to $25,045 excessive acted as a help.

There may be additionally a key bullish development line forming with help close to $24,400 on the hourly chart of the BTC/USD pair. Bitcoin worth is now buying and selling above the $24,000 stage and the 100 hourly easy shifting common.

Bitcoin Price

Supply: BTCUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $24,800 stage. The subsequent key resistance is close to the $25,000 zone. An in depth above the $25,000 resistance zone might begin one other improve. Within the acknowledged case, the worth could maybe check the $25,800 resistance. Any extra positive factors may ship the worth in direction of the $26,200 stage.

Dips Supported in BTC?

If bitcoin fails to clear the $25,000 resistance zone, it might begin a draw back correction. An instantaneous help on the draw back is close to the $24,600 stage.

The subsequent main help now sits close to the $24,500 stage, the development line, and the 100 hourly SMA. If the bears push the worth under the $24,500 help stage, there could be a transfer in direction of the $24,200 stage. Any extra losses may ship the worth in direction of $23,500 stage.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $24,500, adopted by $24,200.

Main Resistance Ranges – $25,000, $25,800 and $26,200.

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