Bitcoin News

Bitcoin Price Corrects Sharply But This Support Might Spark Another Increase

Bitcoin price started a strong increase above the $24,000 resistance zone. BTC even surpassed the $25,000 resistance to move further into a positive zone. Finally, the price spiked above the $26,000 and $26,200 resistance levels. Near $26,526, a high point was reached, and then there was a sharp drop. The price went down by a lot below $26,000 and $25,500. It traded close to the $24,000 support zone.

A low is formed near $24,051 and the price is now rising. The price of Bitcoin is trading above $24,000 and the 100-hour simple moving average. There is also a key bullish trend line forming with support near $24,750 on the hourly chart of the BTC/USD pair.

Near the $25,300 level, there is an immediate block. It is close to the 50% Fib level of the recent drop from the swing high of $26,526 to the low of $24,051. Near the $25,600 zone is the next big area of resistance. It is close to the 61.8% Fib level of the recent drop from the swing high of $26,526 to the low of $24,051. A close above the $25,600 resistance might start a fresh increase towards the $26,000 resistance. Near the $26,500 area is the next key point of resistance. If the price goes above $26,500, it could gain bullish momentum and test $27,500.

If the bitcoin price can’t break through the resistance at $25,300, it could start to fall again. An immediate support on the downside is near the $24,750 zone and the trend line. Near the $24,000 area is the next big level of support. Below that, the price starts to fall. Near the $23,200 level is the next major support. If the price drops any more, it could get close to $22,500 and the 100-hour simple moving average.


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