No products in the cart.
Bitcoin Price Tops Near $25K, Why Dips Might Be Limited
Bitcoin traded close to $25,000 before it corrected lower against the US Dollar. BTC must stay above the $23,500 support to start another increase.
Bitcoin started a fresh increase above the $24,000 resistance zone.
The price is now trading above the $23,600 level and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is now approaching a major support zone near $23,600 and $23,500.
Bitcoin Price Corrects Lower
Bitcoin price gained pace after there was a clear move above the $24,000 resistance zone. BTC broke the $24,200 level to move further into a positive zone.
The price even climbed above the $24,500 level and traded close to the $25,000 level. A high was formed near $24,900 and the price started a downside correction. There was a move below the $24,500 support level.
Besides, there was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC/USD pair. Bitcoin price even traded below the 23.6% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high.
However, the price is now trading above the $23,600 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $24,200 level.
Source: BTCUSD on TradingView.com
The next key resistance is near the $24,500 zone. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,000 resistance.
Dips Limited in BTC?
If bitcoin fails to clear the $24,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,800 level and the 100 hourly SMA.
It is near the 50% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high. The next major support now sits near the $23,500 level. If the bears push the price below the $23,500 support level, there might be a move towards the $23,000 level. Any more losses might send the price towards $22,500 level.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $23,800, followed by $23,500.
Major Resistance Levels – $24,200, $24,500 and $25,000.
- September 2022 (417)
- August 2022 (519)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- Ethereum Price Broke Out Of Descending Channel, What’s Next?
- Cardano Price Surges, Will The Bulls Hold The Recovery?
- Quant (QNT) Adds 10% In 24 Hours While Macro Uncertainty Pulls Others
- Ripple Outperforming Almost The Whole Market, What’s Pumping XRP Price?
- Maker DAO Shows Bullish Sentiment After A While, Eyes $800?