• Bitcoin price started a fresh increase above the $24,000 zone against the US Dollar.
• There was a break above a crucial bearish trend line with resistance near $21,950 on the 4-hours chart of the BTC/USD pair.
• The bulls gained pace for a move above the $25,000 zone and formed a high near $26,533.
Bitcoin Price Analysis
Bitcoin price started a steady increase from the $20,000 support zone. The price gained and cleared many hurdles near the $22,500 and $23,500 levels. There was a clear move above the $24,000 level and the 55 simple moving average (4-hours). Besides, there was also break above a crucial bearish trend line with resistance near $21,950 on the 4-hours chart of the BTC/USD pair.
Upside Move
The bulls gained pace for an upside move above the $25,000 zone and formed a high near $26,533. Recently there was downside correction below the$25,500 level where it declined below 23.6% Fib retracement level of upward move from swing low to high. The price is now trading back above 23k while immediate resistance can be seen at 25250 level.
Support Levels
If there is no upside break then Bitcoin might start downside correction below 24400 mark which could further push prices down towards 23k area which is close to 50% Fib retracement level of upward move from swing low to high. Any more losses could take prices towards 22k support zone as well.
Resistance Levels
The first major resistance can be seen at 26k where if it breaks out then bitcoin will rise towards 27800 zone followed by 28000 mark as well in short term future.
Conclusion
Bitcoin is currently showing positive signs above 24k against US Dollar however if it fails to breakout 25250 mark then downside correction can be expected in short term future .
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