Bitcoin price gained pace and traded above $23,000. BTC is consolidating gains and might start another increase towards $23,500.
- Bitcoin traded to a new yearly high at $23,428 before it started a downside correction.
- The price is trading above $22,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $22,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $22,000 support zone.
Bitcoin Price Eyes Additional Gains
Bitcoin price started a major increase above the $21,500 resistance zone. BTC gained pace and even broke the $22,000 resistance zone, similar to ethereum at $1,550.
The price surged above the $22,500 level and settled well above the 100 hourly simple moving average. It traded to a new yearly high at $23,428 and recently started a minor downside correction. There was a minor move below the $23,000 level.Bitcoin price declined below the 23.6% Fib retracement level of the upward move from the $20,395 swing low to $24,248 high. However, the price is still trading above $22,000 and the 100 hourly simple moving average.
There is also a major bullish trend line forming with support near $22,000 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $23,000 level. The next major resistance is near the $23,200 zone, above which the price might gain bullish momentum.