TA: Bitcoin Price Breaks $24K, Why BTC Could Rise Further To $25K

Jul 21, 2022 04:00 am Cryptocurrency 141

Bitcoin gained pace and cleared the $24,000 resistance against the US Dollar. BTC could rise further towards $25,000 if it stays above the $23,000 support.

Bitcoin remained in a positive zone and climbed above the $24,000 resistance zone.

The price is now trading above the $23,000 level and testing the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $23,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might continue to rise if it clears the $23,750 and $24,000 levels.

Bitcoin Price Remains In Uptrend

Bitcoin price started a steady increase after it cleared the $23,000 resistance zone. BTC gained pace for a move above the $23,500 resistance level.

The price even broke the $23,750 level and settled above the 100 hourly simple moving average. Finally, it spiked above the $24,000 level. A high was formed near $24,264 and the price is now consolidating gains. There was a minor downside correction below the $23,750 level.

Bitcoin traded below the 38.2% Fib retracement level ..

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