Bitcoin price tested the $23,600 zone and started a decent increase. BTC must clear the $24,500 resistance and the 100 hourly SMA to move into a positive zone.
- Bitcoin is slowly moving higher above the $24,000 resistance zone.
- The price is trading below $24,500 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the 100 hourly SMA and $24,500.
Bitcoin Price Holds Ground
Bitcoin price started a downside correction from the $25,200 resistance zone. There was a steady decline below the $24,500 support zone and the 100 hourly simple moving average.
The price even spiked below the $24,000 support zone. A low was formed near $23,600 and the price recently started a fresh increase. There was a move above the $23,800 and $24,000 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $25,250 swing high to $23,600 low.Besides, there was a break above a key bearish trend line with resistance near $24,000 on the hourly chart of the BTC/USD pair. However, bitcoin price is trading below $24,500 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $24,500 level. The next major resistance is near the $24,600 zone or 61.8% Fib retracement level of the downward move from the $25,250 swing high to $23,600 low. A clear move above the $24,600 resistance might send the price towards the key $25,000 resistance zone.