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Bitcoin Price Analysis: BTC Eyes Fresh Increase Above $24K

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  • Bitcoin price started a fresh decline below the $24,000 zone against the US Dollar.
  • The price is now trading below $24,000 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $23,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $24,000 resistance zone.

Bitcoin price is recovering from $23,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $23,000 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $24,000 support zone. There was a clear move below the $23,800 and $23,500 support levels. The pair traded as low as $22,520 and recently started an upside correction.

There was a above the $23,250 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $23,500 on the 4-hours chart of the BTC/USD pair. The pair is now trading below $24,000 and the 55 simple moving average (4-hours).

An immediate resistance on the upside is near the $23,900 level and the 55 simple moving average (4-hours). The next major resistance might near the $24,000 zone. It is near the 50% Fib retracement level of the downward move from the $25,288 swing high to $22,520 low.

The main resistance sits at $24,200 or the 61.8% Fib retracement level of the downward move from the $25,288 swing high to $22,520 low.

A clear move above the $24,200 level might send the price towards $25,000, above which the price might rise towards the $26,000 level. Any more gains might push the price towards the $27,500 zone.

If there is no upside break, the price might continue to decline below the $23,500 level. The first major support is near $23,200. The next key support is near the $22,550 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $21,500 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $24,000 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $24,000 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $23,400 and $22,850.

Key Resistance Levels – $24,000, $24,200 and $25,200.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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