Bitcoin price started to rally again, breaking the USD 25,000 resistance against the US dollar. BTC is gaining momentum and could hit as much as $ 30,000 in the coming sessions.
- Bitcoin is up 7%, crossing the USD 25,000 mark and testing nearly the USD 27,000 level.
- The price is now correcting lower, but remains well supported above USD 25K and the 100 simple (4 hours) moving average.
- A major bullish trendline is forming with support near USD 25,400 on the BTC / USD pair’s 4-hour chart (Kraken data feed).
- The pair is likely to stay higher towards USD 28,500 and USD 30,000 in the near term.
Bitcoin price fixes new ATH
In recent days, there has been a steady rise in bitcoin price above USD 24,500 in resistance to the US dollar. The BTC / USD pair broke many hurdles near USD 25,000 and USD 25,500 to stay higher.
It is now up more than 7% and it is now trading well above USD 26,000. A new record was set near $ 27,000 and the price is currently consolidating gains. An initial support on the downside is near the USD 26,400 level. It is close to the 23.6% Fib retracement level of the recent rise from the $ 24,532 swing low to the $ 26,991 high.
Source: BTCUSD on TradingView.com
The first major support on the downside is near the USD 25.8000 level. A major bullish trendline is also forming with support near USD 25,400 on the 4-hour chart of the BTC / USD pair.
The 50% Fib retracement level of the recent rise from the $ 24,532 swing low to the $ 26,991 high is also near the trendline zone. On the upside, the USD 27,000 level is an initial resistance zone. A clear break above the USD 27,000 zone could open the doors for a push towards USD 28,000 and USD 28,800 levels. Even more perks can set the pace for a test of the key $ 30,000 level.
Dips supported in BTC?
If there is a decent downside correction, bitcoin price could find bids near the USD 25,800 and USD 25,500 levels. The next big support on the downside is near USD 25,000.
The first major support is near the 24,200 level (the last major breakout zone). Even more losses could potentially push the price back towards the USD 22,000 support zone.
4 Hour MACD – The MACD for BTC / USD is gaining momentum in the bullish zone.
4 Hour RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 70 level.
Major Support Level – USD 25,000
Major Resistance Level – $ 28,000