Bitcoin’s Price Could Extend Above $24K With Indicators Turning Green

Bitcoin’s price could extend above $24K with the indicators all turning green and the coin gained pace above the $23,000 resistance so let’s read more today in our latest BTC news today.

Bitcoin’s price could extend and could rise further if it manages to stay above the $22,750 support. The price is now trading near the $22,750 level and tested the 100 hourly simple moving average but there’s also a major bullish trend line forming near the $22,750 on the hourly chart of the BTC/USD pair which could continue rising if it manages to clear the $23,500 levels.

The BTC price started a new icnrease after managing to settle above the $22K resistance and BTC gained some pace for a move near the $23,000 resistance. The price even broke the $23,500 level and settled near the 100 hourly simple moving average with a new high formed at the $23,782 level as the price consolidated gains. There was also a minor downside correction near the $23,500 level while BTC traded below the 23.6% fib retracement level from the move of $21,403 swing low to 423,782 high but the bulls were active near the $23,300 support.

Bitcoin’s price could attend higher with the new bullish trend line forming near the support of $22,750. Closing above the $23,750 level could set the pace for more upsides and in this case, the price could rise to the $24,000 level but the next major resistance sits near the $24,500 level. If BTC fails to clear the $23,500 resistance it can start a new downside correction with immediate support being near $23,000. the next support sits at the $22,750 level and it also nears the 50% fib retracement level of the move to $21,403 swing low to $23,782 high. Moving below the trend line support could send the price to $21,500 with the hourly MACD gaining pace in the bullish zone and the RSI for the pair being set at the 50 levels.

As recently reported, Bitcoin as the world’s largest crypto by market cap surged by 7% in the past day and it is now priced at $23,369 as per the data from CoinMarketCap. This represents a smaller decrease from the daily high of $23,759 that was recorded during the early hours on Wednesday and BTC is still trading at levels not seen since June. The leading cryptocurrency increased by 17% over the past week and the latest price action came amid the growing trading volumes. About $48.7 billion worth of BTC changed hands on crypto exchanges with the value standing at $47.3 billion in the past day.