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Friday, August 19, 2022
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    HomeMarketBitcoin Price Breaks $24K, Why BTC Could Rise Further To $25K

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

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    Bitcoin gained tempo and cleared the $24,000 resistance towards the US Greenback. BTC may rise additional in direction of $25,000 if it stays above the $23,000 help.

    • Bitcoin remained in a optimistic zone and climbed above the $24,000 resistance zone.
    • The worth is now buying and selling above the $23,000 degree and testing the 100 hourly easy shifting common.
    • There’s a key bullish pattern line forming with help close to $23,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair would possibly proceed to rise if it clears the $23,750 and $24,000 ranges.

    Bitcoin Value Stays In Uptrend

    Bitcoin value began a steady increase after it cleared the $23,000 resistance zone. BTC gained tempo for a transfer above the $23,500 resistance degree.

    The worth even broke the $23,750 degree and settled above the 100 hourly easy shifting common. Lastly, it spiked above the $24,000 degree. A excessive was fashioned close to $24,264 and the worth is now consolidating gains. There was a minor draw back correction beneath the $23,750 degree.

    Bitcoin traded beneath the 38.2% Fib retracement degree of the upward transfer from the $21,405 swing low to $24,264 excessive. Nevertheless, the bulls have been lively close to the $23,000 help zone.

    There may be additionally a key bullish pattern line forming with help close to $23,200 on the hourly chart of the BTC/USD pair. On the upside, bitcoin value may face resistance close to the $23,750 degree. The following key resistance is close to the $24,000 zone.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A detailed above the $24,000 resistance zone may set the tempo for extra features. Within the acknowledged case, the worth might maybe rise in direction of the $24,500 degree. The following main resistance sits close to the $25,000 degree.

    Dips Supported in BTC?

    If bitcoin fails to clear the $23,750 resistance zone, it may begin a draw back correction. A right away help on the draw back is close to the $23,200 degree.

    The following main help now sits close to the $23,000 degree and the pattern line zone. It’s also near the 50% Fib retracement degree of the upward transfer from the $21,405 swing low to $24,264 excessive. A transparent transfer beneath the pattern line help would possibly ship the worth in direction of $22,250 and the 100 hourly SMA.

    Technical indicators:

    Hourly MACD – The MACD is now shedding tempo within the bullish zone.

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

    Main Help Ranges – $23,000, adopted by $22,750.

    Main Resistance Ranges – $23,750, $24,000 and $25,000.



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