HomeBitcoin NewsBitcoin Price Analysis: BTC Eyes Fresh Run To $25K

Bitcoin Price Analysis: BTC Eyes Fresh Run To $25K

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  • Bitcoin price started a fresh increase from the $19,000 zone against the US Dollar.
  • The price is now trading above $22,000 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $20,400 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could continue to rise if there is a clear move above $23,800 level.

Bitcoin price is rising above $22,000 against the US Dollar. BTC might gain bullish momentum if there is a clear move above the $23,800 zone.

Bitcoin Price Analysis

Bitcoin price started a decent increase from the $19,000 support zone. There was a steady increase above the $20,500 and $20,800 resistance levels.

The upward move gained strength above the $21,000 level. There was also a break above a major bearish trend line with resistance near $20,400 on the 4-hours chart of the BTC/USD pair. The pair broke the $22,000 barrier and tested the $23,800 zone.

A high is formed near $23,800 and the price is now consolidating gains. An immediate resistance on the upside is near the $23,800 level. The first major resistance is near the $24,000 level.

The next major resistance on the upside is near the $24,250 level, above which the price could rise towards the $25,000 zone. Any more gains might send the price towards the $26,000 zone. If there is no upside break, the price might start a downside correction below $23,200.

An initial support is near the $22,800 level. It is near the 23.6% Fib retracement level of the upward move from the $18,892 swing low to $23,800 high.

The next key support is near the $21,350 level. It is close to the 50% Fib retracement level of the upward move from the $18,892 swing low to $23,800 high. Any more losses might call for a move towards the $20,800 support zone or the 55 simple moving average (4-hours).

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $22,500 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above $23,800 level in the near term.

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 – $22,650 and $21,350.

Key Resistance Levels – $23,800, $24,000 and $25,000.

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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