The rising trend of the Bitcoin price accelerated and this digital currency reached the $23,000 channel. Bitcoin is currently consolidating gains and may start another rally towards $23,500.
According to Wallex and quoted by NewsBTC, the acceleration of the Bitcoin price started after crossing the $21,500 level. Bitcoin also crossed the $22,000 resistance with the momentum created. Similar to what happened to Ethereum and the $1,550 resistance.
The price of Bitcoin reached over $22,500; This range is much higher than its 100-hour simple moving average. Bitcoin managed to reach the price of $23,428, which is its highest price in 2023. After that, the price correction began and the value of Bitcoin fell below $23,000.
During this correction, the price fell below the key level of the 23.6% Fibonacci retracement indicator (drawn between the low of $20,395 and the high of $23,248).
A bullish trendline is also forming with support near the $22,000 range on the hourly chart of Bitcoin. The initial resistance is in the range of $23,000, and the first strong resistance is located at the level of $23,200, which will mean a rise for higher prices. Available targets will initially be $23,500 and then $24,500.
But if Bitcoin fails to completely break the $23,000 resistance, a new downward movement could begin. The first support is in the $22,400 price range.
The key support is located at $22,000, which is also supported by the formed trend line. This range is also close to the 50% Fibonacci level. Below that, there is a possibility of a bearish momentum formation and a test of the $21,000 level.
Currently, the Relative Strength Index (RSI) of Bitcoin is above the 50 level, and the MACD indicator is losing its momentum in the bearish zone.
Written by buyers who are busy working; Why is Bitcoin’s bullish trend not over yet? The first time in the blog Valx. appeared.
