Bitcoin News

Bitcoin Price Stuck In Key Range, What Can Spark Fresh Increase

The price of Bitcoin is now trading at a level that is higher than $23,300 and the 100 hourly simple moving average. In the hourly chart of the BTC/USD pair, you can see that a short-term declining channel is formed, and there is resistance located at $23,450.

An immediate barrier may be seen in the region about $23,450. The first significant obstacle is located close to the zone of $23,650. It is also close to the 76.4% Fib retracement level of the latest drop, which began at the swing high of $23,885 and ended at the low of $23,042. If price manages to break decisively over the $23,650 resistance level, there is a good chance that it will continue climbing towards the $24,000 barrier zone.

The next important barrier to overcome is located close to the $24,400 zone. The price may enter a positive zone if it manages to close higher than the $24,400 resistance level. Given the scenario described, there is a chance that the price will advance towards the barrier at $25,200.

If the price of bitcoin is unable to break through the resistance level of $23,650, it is possible that it could start another slide. The region around the $23,250 zone provides short-term support for the market.

The region about $23,000 acts as the next important support. The most important support is located at $22,800, and if it is broken, there is a possibility that the price would move closer to $22,200. The area close to $22,000 acts as the subsequent significant support.


Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.