• Bitcoin price started a fresh increase above the $24,000 zone against the US Dollar.
• The bulls gained pace for a move above the $25,000 zone and even spiked above the $26,000 resistance.
• If there is a clear move above $25,250 level in the near term, BTC could continue to rise towards the $27,800 zone.
Bitcoin Price Analysis
Bitcoin price started a steady increase from the $20,000 support zone and broke through various resistances near the $22,500 and $23,500 levels. There was a clear move above the $24,000 level and the 55 simple moving average (4-hours). Besides that, there was also a break above a crucial bearish trend line with resistance near $21,950 on the 4-hours chart of the BTC/USD pair.
Bulls Gain Momentum Above The $25K Zone
The bulls gained pace for a move above the $25,000 zone and even spiked above the $26,000 resistance zone. Recently though there was some downside correction below the $25,500 level as well as below 23.6% Fib retracement level of an upward move from swing low to high. Nonetheless Bitcoin is still trading comfortably above both these levels as well as remaining well supported by 55 simple moving average (4-hours).
Possible Upside Break Above The 25K Level
If Bitcoin clears further hurdles such as immediate resistance at around 25k then it may possibly gain bullish momentum. This would lead to further rises towards major resistances such as 26k followed by 27.8k zones respectively. In case if no upside break is seen then it may start to correct downwards below 24k level along with 50% Fib retracement level of its previous uptrend which will be closely monitored at 23k area.
Supportive Technical Indicators
Looking at technical indicators such as 4 hours MACD & RSI (Relative Strength Index) we can see that MACD is currently losing momentum in bullish territory whereas RSI holds comfortably over 50 mark indicating lack of bearish pressure in near term movements .
Conclusion
To conclude , Bitcoin price has been steadily increasing from 20k support while going past multiple resistances up till 24k mark before spiking over 26k barrier . Currently it remains steady trading around 23 – 24 k range with potential upsides provided it breaches 25K hurdle soon enough .