- Bitcoin kick-started upside actions, climbing past the $23K resistance.
- The price now trades beyond $23K and 100hr Simple Moving Average.
- There’s a near-term contracting triangle emerging with resistance at $24K on the BTC/USD’s 1hr chart (Kraken data).
- The pair should overpower the $24K resistance to extend the upside in the short term.
Bitcoin started new upswings beyond the resistance of $23K. The crypto might extend higher towards the hurdle at $25K.
BTC On a Steady Rise
Bitcoin maintained its price action well beyond the support barrier at $22K. The bellwether crypto created a base past $22.5K and kick-started new surges. The price gained momentum, pushing past the resistance at $23K.
Meanwhile, bulls propelled the price beyond the resistance at $23.5K. Bitcoin even jumped past $24K to explore the price levels of $21,198. For now, BTC trades past $23K and the 100hr SMA. Moreover, BTC/USD chart shows a near-term contracting triangle developing with resistance at around the $24K mark.
Also, it is trading well beyond the 23,6% Fibonacci retracement zone of the upswing from $20,696 to the $24,198 high. Nevertheless, the crypto encounters resistance near $24K. Another crucial resistance stands at $24.2K. A closing beyond this hurdle might set grounds for more upsides. Such a case would see prices surging towards $24.5K. Bitcoin would meet another resistance at the $25K zone.
BTC’s Downside Limited?
Bitcoin might launch a downward correction if it fails to overcome the resistance at $24K. The world’s largest crypto would find an immediate foothold at the $23,740 area. Further declines will discover support around $23,370 and $23,350 zone.
Stretching the downward journey would send the token to the 50% Fibonacci retracement mark of the upside from $20,696 to $24,198. A closing beneath the support at $22,450 could welcome downtrends.
The crypto market welcomed upside movements following the latest Fed meeting. However, some analysts believe the ongoing rally has no legs. That means prices might resort to declines soon. Moreover, the financial spectrum is still deteriorating, with the global economy staring at inflation. What are your thoughts about the ongoing market rally? A dead cat bounce? You can comment in the section below.
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