Bitcoin Price Grinds Higher, Why BTC Could Lift-off To $25K

Oct 27, 2022 08:00 am Cryptocurrency 129

Bitcoin price is gaining pace above $20,000 against the US Dollar. BTC is showing positive signs and might rise further towards $22,000 or even $25,000.

Bitcoin is gaining pace above the $20,000 and $20,500 resistance levels.

The price is trading above $20,000 and the 100 hourly simple moving average.

There is a major contracting triangle forming with resistance near $20,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could rally again if there is a clear move above the $21,200 resistance.

Bitcoin Price Remains In Uptrend

Bitcoin price started a fresh increase above the $19,650 and $20,000 resistance levels. BTC bulls were able to push the price into a positive zone above the $20,200 level.

Yesterday, we saw a bullish continuation pattern with resistance at $20,300. The price did move higher and cleared the $20,300 resistance. It even cleared the $20,500 resistance and settled well above the 100 hourly simple moving average.

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