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Bitcoin Price Smashes Resistance, Why $23K Could Be Next

Bitcoin gained pace above the $22,000 resistance against the US Dollar. BTC could rise further towards $23,000 if it stays above the $21,500 support.

Bitcoin is up over 5% and there was a move above the $22,000 resistance zone.
The price is now trading above the $21,800 level and testing the 100 hourly simple moving average.
There is a key connecting bullish trend line forming with support near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to rise if it clears the $22,500 and $22,600 levels.

Bitcoin Price Gains Momentum
Bitcoin price remained supported above the $20,500 zone. The price started a decent increase and was able to clear the $21,500 resistance zone.
The bulls even pumped the price above the $22,000 resistance zone. The price traded as high as $22,766 and settled above the 100 hourly simple moving average. Recently, there was a downside correction below the $22,500 level.
Bitcoin dipped below the 50% Fib retracement level of the upward move from the $20,748 swing low to $22,766 high. However, the bulls were active near the $21,500 support zone and the 100 hourly simple moving average.
The price stayed above the 61.8% Fib retracement level of the upward move from the $20,748 swing low to $22,766 high. There is also a key connecting bullish trend line forming with support near $21,800 on the hourly chart of the BTC/USD pair.

On the upside, bitcoin price could resistance near the $22,500 level. The next key resistance is near the $22,750 zone. A close above the $22,750 resistance zone could set the pace for more upsides. In the stated case, the price may perhaps rise towards the $23,000 level. The next major resistance sits near the $23,500 level.
Dips Supported in BTC?
If bitcoin fails to clear the $22,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $21,800 level.
The next major support now sits near the $21,500 level and the 100 hourly SMA. A clear move below the $21,500 support might send the price towards $20,500.
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 level.
Major Support Levels – $21,800, followed by $21,500.
Major Resistance Levels – $22,500, $22,750 and $23,000.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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