3 C
New York
Friday, February 16, 2024

Buy now

Bitcoin Price Tops Near $25K, Why Dips Might Be Limited

Bitcoin traded close to $25,000 before it corrected lower against the US Dollar. BTC must stay above the $23,500 support to start another increase.

Bitcoin started a fresh increase above the $24,000 resistance zone.
The price is now trading above the $23,600 level and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is now approaching a major support zone near $23,600 and $23,500.

Bitcoin Price Corrects Lower
Bitcoin price gained pace after there was a clear move above the $24,000 resistance zone. BTC broke the $24,200 level to move further into a positive zone.
The price even climbed above the $24,500 level and traded close to the $25,000 level. A high was formed near $24,900 and the price started a downside correction. There was a move below the $24,500 support level.
Besides, there was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC/USD pair. Bitcoin price even traded below the 23.6% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high.
However, the price is now trading above the $23,600 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $24,200 level.

Source: BTCUSD on TradingView.com
The next key resistance is near the $24,500 zone. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,000 resistance.
Dips Limited in BTC?
If bitcoin fails to clear the $24,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,800 level and the 100 hourly SMA.
It is near the 50% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high. The next major support now sits near the $23,500 level. If the bears push the price below the $23,500 support level, there might be a move towards the $23,000 level. Any more losses might send the price towards $22,500 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $23,800, followed by $23,500.
Major Resistance Levels – $24,200, $24,500 and $25,000.

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.

Latest Articles

bitcoin
Bitcoin (BTC) $ 51,837.89
ethereum
Ethereum (ETH) $ 2,831.90
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 352.74
solana
Solana (SOL) $ 113.81
xrp
XRP (XRP) $ 0.557613
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,826.05
cardano
Cardano (ADA) $ 0.600186
avalanche-2
Avalanche (AVAX) $ 41.64
dogecoin
Dogecoin (DOGE) $ 0.085255
chainlink
Chainlink (LINK) $ 20.02
tron
TRON (TRX) $ 0.131153
polkadot
Polkadot (DOT) $ 7.72
matic-network
Polygon (MATIC) $ 0.895094
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,811.88
the-open-network
Toncoin (TON) $ 2.21
internet-computer
Internet Computer (ICP) $ 13.48
shiba-inu
Shiba Inu (SHIB) $ 0.000010
uniswap
Uniswap (UNI) $ 7.41
bitcoin-cash
Bitcoin Cash (BCH) $ 270.64
litecoin
Litecoin (LTC) $ 69.76
dai
Dai (DAI) $ 1.00
immutable-x
Immutable (IMX) $ 3.14
bittensor
Bittensor (TAO) $ 660.16
cosmos
Cosmos Hub (ATOM) $ 10.30
leo-token
LEO Token (LEO) $ 4.15
ethereum-classic
Ethereum Classic (ETC) $ 26.73
aptos
Aptos (APT) $ 10.26
optimism
Optimism (OP) $ 3.88
blockstack
Stacks (STX) $ 2.56
near
NEAR Protocol (NEAR) $ 3.34
vechain
VeChain (VET) $ 0.045018
stellar
Stellar (XLM) $ 0.115384
kaspa
Kaspa (KAS) $ 0.139603
okb
OKB (OKB) $ 50.74
injective-protocol
Injective (INJ) $ 33.77
celestia
Celestia (TIA) $ 18.10
filecoin
Filecoin (FIL) $ 5.81
lido-dao
Lido DAO (LDO) $ 3.22
first-digital-usd
First Digital USD (FDUSD) $ 1.00
hedera-hashgraph
Hedera (HBAR) $ 0.082648
arbitrum
Arbitrum (ARB) $ 2.08
mantle
Mantle (MNT) $ 0.780880
crypto-com-chain
Cronos (CRO) $ 0.091049
sei-network
Sei (SEI) $ 0.940823
monero
Monero (XMR) $ 125.60
sui
Sui (SUI) $ 1.85
maker
Maker (MKR) $ 2,086.46
render-token
Render (RNDR) $ 4.88