Bitcoin price started a fresh increase from the $22,400 support zone. BTC climbed to a new yearly high and now aims more upsides above $24,000.
- Bitcoin started a fresh increase after forming a base near the $22,400 support zone.
- The price is trading above $23,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $23,000 support zone.
Bitcoin Price Restarts Increase
Bitcoin price saw a downside correction below the $23,000 level. However, BTC remained well bid near the $22,400 support zone. A low was formed near $22,341 and the price started a fresh increase.
There was a clear move above the $23,000 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $23,000 on the hourly chart of the BTC/USD pair. The pair surged to a new yearly high at $23,829 and is currently correcting gains.The next major resistance is near the $23,850 zone, above which the price might gain bullish momentum. In the stated case, the price may perhaps rise towards the $24,200 level. The next resistance could be near the $24,500 level. Any more gains might send btc price towards the $25,000 level.