Bitcoin price analysis: possibility of price jump up to 25 thousand dollars
The upward trend of Bitcoin accelerated yesterday after the price candle crossed the level of $23,500, which led to the price of Bitcoin crossing the level of $24,200. Now, if Bitcoin can maintain its position above $23,500, we can hope for the start of another upward movement in the short term.
To Report News BTC, Bitcoin followed a steady trend above the level of 23,000 and 23,200 dollars for the past two days and then started a new upward movement above this range.
First, the $23,500 resistance was broken, and a little later, the buyers managed to cross the $24,000 resistance. Simultaneously with this jump, the distance of the price from the 100-hour simple moving average (MA 100 – red line in the picture) also increased, and after that the price exceeded $24,200.
Bitcoin’s interim peak was finally formed near $24,285 and the market is currently correcting its recent hourly jumps. This correction has so far been associated with the return of the price below $24,000 and the 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are set based on the upward movement of the price from $22,845 to the peak of $24,285.
Despite the recent hourly correction, the price still maintains its position above the $23,600 level. In the one-hour view, the Bitcoin market has also formed a supportive uptrend line near $23,500.
If the market is bullish, the nearest resistance is the price level of $24,000 and the next key resistance is at $24,200. The crossing and closing of the price candle above the $24,200 level could be a spark to start a sustained upward movement. In this case, Bitcoin will have a chance to continue to grow up to the $25,000 resistance.
Conversely, if Bitcoin fails to break through the $24,000 resistance, there is a risk of resuming the bearish price correction. In such a situation, the nearest support ahead of the price will be near $23,600.
The next key support is near $23,500 and the 50% Fibonacci retracement level, and if this support is also lost, a new bearish move towards $23,000 may begin. It should be noted that the continuation of the downward price trend may bring Bitcoin down to $22,500 in the short term.
The MACD is accelerating in the bullish range and the Relative Strength Index (RSI) is above the middle axis at the 50 level.
As mentioned, $23,600 and $23,500 are key supports for Bitcoin, and $24,000, $24,200, and $24,500 act as resistances.