Bitcoin could surge past $25,000 because when compared to the US Dollar, we can clearly see that BTC is moving upwards beyond $24,500. If BTC breaks through the $25,000 barrier area, the bullish trend may intensify.
Bitcoin resumed its ascent above the $24,200 barrier level.
Currently, the price is above both the $24,000 mark and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a significant bullish trend line is forming, with support located close to $24,400.
If there is a definite move over the $25,000 barrier, the pair may start trending upwards.
Bitcoin Could Surge Past $25K –Price Gains Momentum
A new effort to get above the $24,500 barrier level was made by the price of bitcoin. BTC picked some speed as it moved closer to the 100 hourly simple moving average and surged above the $24,800 mark.
Even over the $25,000 mark, the price skyrocketed. Before a downward reversal, a peak was established around $25,045. The support level of $24,500 was breached. Price fell below the level that represents the 50% Fibonacci retracement of the upward movement from the swing low of $23,600 to the high of $25,045.
However, the bulls were active close to $24,200, a crucial support level. Support was provided by the 61.8% Fib retracement level of the ascent from the swing low of $23,600 to the high of $25,045.
On the hourly chart of the BTC/USD pair, a significant bullish trend line is also emerging, with support located close to $24,400. The price of Bitcoin is currently trading over $24,000 and the 100 hourly simple moving average.
The $24,800 mark serves as a near-term hurdle on the upward. Near the $25,000 region is the next significant resistance. Another rise may begin if the $25,000 resistance zone is closed above. The price may test the $25,800 barrier in the scenario given. The price may move toward the $26,200 mark if there are any more gains.
Bitcoin may begin a downward correction if it is unable to get through the $25,000 barrier level. On the downside, the $24,600 level provides immediate support.
The trend line, the 100 hourly SMA, and the $24,500 mark are now the closest significant supports. There may be a move towards the $24,200 level if the bears manage to drag the stock below the $24,500 support level. Any more losses might push the price up to $23,500.
Read the latest cryptocurrency news.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]