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Bitcoin price extended its rise and traded above USD 24,000 against the US dollar. BTC is currently correcting lower and it could find a strong support near USD 23,000 or USD 22,780.

  • Bitcoin continued to rebound and it traded to a new all-time high above the USD 24,000 level.
  • The price is now correcting below USD 23,500, but well above the simple 100 (4 hour) moving average.
  • There was a break above a major contractile triangle with resistance near USD 23,100 on the BTC / USD pair’s 4-hour chart (Kraken data feed).
  • The pair is likely to find strong buying interest near $ 23,000 or $ 22,780.

Bitcoin price fixes new ATH

There was one in the last few days steady rise in bitcoin price above $ 20,000 resistance to the US dollar. The BTC / USD pair broke many hurdles near USD 22,000 and USD 23,000 to extend its rally.

During the recent rise, there was a break above a major contracting triangle with a resistance near USD 23,100 on the 4-hour chart of the BTC / USD pair. The pair climbed above the USD 24,000 resistance and settled well above the 100 simple (4 hours) moving average.

A new all-time high was formed near $ 24,260 and the price currently stands correct lower. There was a break below the USD 23,500 support level. The price even tested the 50% Fib retracement level of the recent hike from the $ 22,320 swing low to $ 24,260 swing high.

Bitcoin price

Source: BTCUSD on

Bitcoin is approaching some key supports near the USD 23,000 level. The 61.8% Fib retracement level from the recent rise from the USD 22,320 swing low to the USD 24,260 swing high could also serve as a support near USD 23,060.

The next big support is near the USD 22,780 level. Even more losses can push the price towards the $ 22,320 swing low or even $ 22,000.

More benefits in BTC?

Once the current wave of correction in bitcoin completes, it could start a fresh increase of USD 23,000 or USD 22,000. An initial resistance on the upside is near the USD 23,650 level.

The first major resistance is near USD 24,000. A clear break above the USD 24,000 resistance level could open the doors for a new all-time high above USD 24,260.

Technical indicators

4 Hour MACD – The MACD for BTC / USD is slowly losing momentum in the bullish zone.

4 Hour RSI (Relative Strength Index) – The RSI for BTC / USD corrects lower to the 60 level.

Major Support Level – USD 23,000

Major Resistance Level – USD 24,000

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