Why BTC price could surge past $25.000

Bitcoin price is gaining bullish momentum above $24,500. BTC could gain bullish momentum if it clears the $25,000 resistance zone.

  • Bitcoin started a fresh increase above the $24,200 resistance zone.
  • The price is now trading above the $24,000 level and the 100 hourly simple moving average.
  • There is a key bullish trend line 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 a fresh increase above the $24,500 resistance zone. BTC gained pace for a move above the $24,800 level, with a close above the 100 hourly simple moving average.

The price even spiked 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 declined below the 50% Fib retracement level of the upward move from the $23,600 swing low to the $25,045 high.

However, the bulls were active near 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 acted as a support.

There is also a key bullish trend line 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.

Why BTC price could surge past $25.000-1

On the upside, 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 increase. In the stated case, the price may perhaps test the $25,800 resistance. Any more gains might 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. Immediate support on the downside is near the $24,600 level.

The next major support now sits near the $24,500 level, the trend line, and the 100 hourly SMA. If the bears push the price below the $24,500 support level, there might be a move towards the $24,200 level. Any more losses might send the price towards $23,500 level.

Technical indicators:

  • Hourly MACD – The MACD is now gaining pace in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 levels.
  • Major Support Levels – $24,500, followed by $24,200.
  • Major Resistance Levels – $25,000, $25,800 and $26,200.

Source: newsbtc

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