The price of bitcoin began a sharp rise above the $22,000 resistance level. Bitcoin picked some bullish vigor and was able to break through the $23,500 resistance to go deeper into the green.
The price has increased by nearly 15% and has obliterated the $24,000 resistance area. At $24,599, a high has formed, and the price is still extending advances. In the hourly chart of the BTC/USD pair, a short-term rising channel is also forming, with support located close to $24,220.
The price of bitcoin is currently trading over $24,000 and above the 100 hourly simple moving average. It is also significantly above the 23.6% Fib retracement level of the upward movement from the $24,599 high to the swing low of $19,550.
Near $24,580 is where immediate resistance is located. The $24,620 region is the next significant resistance. An advance towards the $25,000 obstacle might be reignited by closing above the $24,620 resistance. The next important barrier is in the $25,200 zone, above which the price might develop upward momentum and test $26,500.
The price of bitcoin may correct lower if it is unable to overcome the $24,620 resistance. The $24,220 area and the channel’s lower trend line provide immediate support on the downside.
Below this level, the price could go as low as $22,800. The next significant support is close to the $23,500 area. The 50% Fib retracement level of the upward movement from the $19,550 swing low to $24,599 high, or the $22,000 level, serves as the next significant support. The price may move toward the $21,200 mark and the 100 hourly simple moving average if there are any additional losses.