{"id":496427,"date":"2022-07-22T03:08:46","date_gmt":"2022-07-22T03:08:46","guid":{"rendered":"https:\/\/wncen.com\/?p=496427"},"modified":"2024-06-11T14:21:52","modified_gmt":"2024-06-11T14:21:52","slug":"bitcoin-price-could-rally-22500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-could-rally-22500\/","title":{"rendered":"TA: Bitcoin Price Could Rally Again If It Stays Above This Key Support"},"content":{"rendered":"
Bitcoin started a downside correction from the $24,000 resistance against the US Dollar. BTC is finding bids near $22,500 and might start a fresh increase.<\/em><\/p>\n Bitcoin price gained pace and spiked above the $24,000 resistance zone<\/a>. However, the bears appeared near $24,250. A high was formed near $24,264 and the price started a downside correction.<\/p>\n There was a move below the $24,000 and $23,500 levels. The price declined below the 38.2% Fib retracement level of the upward move from the $20,769 swing low to $24,264 high. Besides, there was a spike below the $23,000 level.<\/p>\n Bitcoin found support near the $22,500 zone and the 100 hourly simple moving average<\/a>. It started a decent upward move and climbed above $23,000.<\/p>\n There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC\/USD pair. On the upside, bitcoin price could face resistance near the $23,440 level. The next key resistance is near the $23,880 zone.<\/p>\n <\/a><\/p>\n A close above the $23,880 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,250 level. The next major resistance sits near the $25,000 level.<\/p>\n If bitcoin fails to clear the $23,880 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,750 level and the 100 hourly SMA.<\/p>\n\n
Bitcoin Price Remains Supported<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Downside Break in BTC?<\/h2>\n