If there is a clear move over the $23,500 resistance zone, BTC might start to trend upward.
The price of bitcoin has risen over the $23,000 support level as it corrects losses.
Over $23,000 and the 100 hourly simple moving average, the price is currently trading.
If the pair overcomes the $23,500 barrier, it may continue to increase and enter a positive zone.
Price of Bitcoin Forms Reasonable Support
The resistance levels of $22,800 and $23,000 were clearly broken.
The pair advanced beyond the 23.6% Fib retracement level of the significant decrease from the swing high of $24,282 to the low of $22,599 in price.
Above $23,000 and the 100 hourly simple moving average, the price of bitcoin is now trading. Near the $23,450 region, there is instant resistance. The crucial slide from the $24,282 swing high to the $22,599 low is close to the 50% Fib retracement level.
The $23,500 area will be the next significant resistance. A definite move above the $23,500 barrier might signal the beginning of a continuous rise. In the aforementioned scenario, the price may increase to around $24,000. The next barrier may be close to the $24,250 mark, after which the price of bitcoin might climb toward the $25,000 barrier.
Support for Dips in Bitcoin
Another downward drop in the price of bitcoin might begin if it is unable to overcome the $23,500 resistance. In the vicinity of the $23,000 region and the 100 hourly simple moving average, there is immediate support on the downside.
The $22,800 region represents the next significant support. The price may go toward the $22,600 zone if it breaks down below the $22,800 area.
$23,000 is the first Major Support Level, then $22,800.
Three significant resistance levels exist: $23,450, $23,500, and $24,000.