Bitcoin price retains support as we will see in this analysis, while also demonstrating the reasons why BTC may try a new increase.
The $23,500 barrier level for the Bitcoin price versus the US dollar was broken. If BTC maintains its position above the pivot mark of $23,500, a new increase might begin.
Over $23,500, Bitcoin started to grow steadily.
Price is currently trading above both the 100 hourly simple moving average and the $23,500 mark.
On the hourly chart of the BTC/USD pair, a significant bullish trend line is forming, with support located close to $23,500.
To begin a new increase in the near future, the duo needs to break through the $24,000 resistance.
Bitcoin Price Retains Support
The price of Bitcoin remained constant at over $23,000 and $23,200. Above the $23,200 mark, the price established a base and began to rise once more.
The $23,500 resistance zone was clearly breached. There was a closure above the 100 hourly simple moving average after the bulls successfully drove the price above the $24,000 resistance area. The price increased above $24,200.
The price has reached a peak near $24,285 and is currently correcting lower. A break occurred under the $24,000 mark. The price of Bitcoin declined beneath the 23.6 percent Fib retracement level of the upward movement from the swing low of $22,845 to the high of $24,285 in value.
Nevertheless, the price held steady over the $23,600 mark. On the hourly chart of the BTC/USD pair, a significant bullish trend line is also forming, with support located close to $23,500.
Near the $24,000 mark, there is imminent opposition on the upside. Near the $24,200 region comes the next significant resistance. Closing over the $24,200 resistance level might signal the beginning of a continuous rise. In the aforementioned scenario, the price might even surpass the $25,000 resistance.
Downside Break?
Bitcoin may begin a downward correction if it is unable to pass through the $24,000 barrier level. The $23,600 level provides immediate support on the downside.
The current main support is located close to the $23,500 mark. It is close to where the upward movement from the swing low of $22,845 to the high of $24,285 is retracing by 50% on the Fibonacci scale. A close below $23,500 could signal the beginning of a trend down below $23,000. Any additional losses could push the price up to $22,500.
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