Bitcoin (BTC) is gaining momentum; Why Bulls Might Be Aiming For $25,000 – CryptoMode
- Bitcoin launched shares higher, breaking above the $23,000 resistance.
- The price is now trading above $23,000 and the 100 hourly simple moving average.
- A short-term contraction triangle is emerging with resistance at $24,000 on the 1-hour chart of BTC/USD (Kraken data).
- The pair is expected to break through the $24,000 resistance to extend the short-term upside.
Bitcoin started fresh rises past the $23,000 resistance. The crypto might extend higher towards the $25,000 hurdle.
BTC steadily rising
Bitcoin held its price action well above the support barrier at $22,000. The crypto bellwether created a base beyond $22.5,000 and sparked further surges. The price gained momentum, breaking above the resistance at $23,000.
Meanwhile, the bulls propelled the price past the resistance at $23.5,000. Bitcoin even broke above $24,000 to explore the $21,198 price levels. For now, BTC is trading above $23,000 and the 100 hourly SMA. Additionally, the BTC/USD chart shows a short-term contracting triangle developing with resistance around the $24,000 mark.
Furthermore, it is trading well beyond the 23.6% Fibonacci retracement zone of the $20,696 rally to the $24,198 high. Nevertheless, the crypto is encountering resistance near $24,000. Another crucial resistance lies at $24.2K. A fence beyond this barrier could pave the way for other benefits. Such a case would see prices surge towards $24.5,000. Bitcoin would encounter another resistance in the $25,000 area.
The downside of limited BTC?
Bitcoin could initiate a downward correction if it fails to overcome the resistance at $24,000. The world’s largest crypto would find an immediate foothold in the $23,740 area. Further declines will uncover support around $23,370 and $23,350.
Extending the trip down would send the token to the 50% Fibonacci retracement mark of the rise from $20,696 to $24,198. A close below the support at $22,450 could welcome downtrends.
The crypto market welcomed the bullish moves following the last Fed meeting. However, some analysts believe that the current rally has no legs. This means that prices may soon resort to dips. Additionally, the financial spectrum continues to deteriorate as the global economy faces inflation. What do you think of the current stock market rally? A dead cat bounce? You can comment in the section below.
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