Bitcoin Price Restarts Rally As The Bulls Target New Monthly High
Bitcoin price is again gaining pace above the $25,000 resistance. BTC could rise further if it clears the $26,500 resistance zone.
- Bitcoin is moving higher and gaining pace above the $25,200 resistance.
- The price is trading above $25,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $24,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally further if it stays above the $25,200 support zone.
Bitcoin Price Regains Strength
Bitcoin price started a downside correction below the $25,000 support zone. BTC traded below the $24,500 level, but the bulls were active near the $24,000 zone.
A low was formed near $23,913 and the price started a fresh increase. There was a clear move above the $24,500 resistance zone. The price even cleared the 50% Fib retracement level of the downward move from the $26,525 swing high to $23,913 low.
Besides, there was a break above a major bearish trend line with resistance near $24,450 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $25,000 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $25,900 level. It is near the 76.4% Fib retracement level of the downward move from the $26,525 swing high to $23,913 low. The next major resistance is near the $26,500 zone. A close above the $26,500 resistance might start another surge.
Source: BTCUSD on TradingView.com
In the stated case, the price could rally towards the $27,200 level. The next key resistance is near the $28,000 zone, above which the price might rise towards $28,800.
Dips Supported in BTC?
If bitcoin price fails to clear the $25,900 resistance, it could start another decline. An immediate support on the downside is near the $25,200 zone.
The next major support is near the $24,500 zone and the 100 hourly simple moving average, below which the price gain bearish momentum. The next major support is near the $24,000 level. Any more losses might send the price towards the $23,200 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $25,200, followed by $24,500.
Major Resistance Levels – $25,900, $26,500 and $27,200.
