Bitcoin Price Aims Higher, Why BTC May Rise Past $25K

Bitcoin gains bullish momentum above $24,500 against the US dollar. BTC can gain bullish momentum if it clears the $25,000 resistance zone.

• Bitcoin started a new rally above the $24,200 resistance zone.
• The price is now trading above the $24,000 level and the 100 hourly simple moving average.
• An important bullish trend line is forming with support near $24,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if there is a clear move above the $25,000 resistance.

Bitcoin price gains momentum

Bitcoin price attempted another rally above the $24,500 resistance zone. BTC accelerated a move above the $24,800 level, with a close above the 100-hour simple moving average.

The price even rose above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price fell below the 50% Fib retracement level of the upward move from the $23,600 swing to the $25,045 high.

However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 swing low to the $25,045 high served as a support.

An important bullish trend line is also forming with support near $24,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $24,000 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 zone. A close above the $25,000 resistance zone could start another rally. In the indicated case, the price might test the $25,800 resistance. Any further gains could send the price towards the $26,200 level.

Dips supported in BTC?

If bitcoin fails to clear the $25,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $24,600 level.

The next major support is now near the $24,500 level, the trendline and the 100 hour SMA. If the bears push the price below the $24,500 support level, there could be a move towards the $24,200 level. Any further losses could send the price towards the $23,500 level.

Technical indicators:

Hourly MACD – MACD is now picking up speed in the bullish zone.

Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.

Major support levels – $24,500, followed by $24,200.

Major resistance levels – $25,000, $25,800 and $26,200.