Bitcoin price found some momentum above $22,000. In case BTC manages to remain above $21,500, it could make an attempt to reach $23,000. Here is a summary of Bitcoin price in the past 24 hours:
- BTC had over 5% growth and surpassed the $22,000 resistance level.
- Currently, the price is above $21,800 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see a new uptrend forming with support level at $21,800.
- In case BTC manages to surpass $22,500 and $22,600, the uptrend will continue.
Bitcoin Price Action Analysis
Bitcoin successfully stabilized above $20,500 and subsequently set on recovery. The buyers pushed BTC upwards and it surpassed $21,500 while it momentarily reached $22,000 with a pump. The highest recorded price for Bitcoin is at $22,766 while the price is stabilized above the SMA100. Following that, the price lost the $22,500 support level and went for a correction. BTC dipped below the 50% Fibonacci retracement level from the latest rise from $20,748 to $22,766. Despite that, the buyers seem ready to support BTC at $21,500 and the SMA100.
Currently, BTC is trading above the 61.8% Fibonacci retracement level. On the 1-hour chart, we see a new uptrend forming with support level at $21,800.
The first resistance level for BTC is at $22,500 followed by $22,750. Closing above $22,750 can boost the uptrend. In which case, the next stop would be $23,000 followed by $23,500.
On the other hand, if Bitcoin price fails to surpass $22,500, there will be a new downtrend. For this scenario, the $21,800 is the first support level followed by $21,500 and the SMA100. Dipping below $21,500 can push BTC down to $20,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a upward momentum.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $22,500, $22,750 and $23,000 are crucial resistance levels for BTC.
Support levels: The $21,800 and $21,500 are currently the key support levels for the price.
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