Bitcoin gained pace and cleared the $24,000 resistance against the US Dollar. BTC could rise further towards $25,000 if it stays above the $23,000 support.
- Bitcoin remained in a positive zone and climbed above the $24,000 resistance zone.
- The price is now trading above the $23,000 level and testing the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $23,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to rise if it clears the $23,750 and $24,000 levels.
Bitcoin Price Remains In Uptrend
Bitcoin price started a steady increase after it cleared the $23,000 resistance zone. BTC gained pace for a move above the $23,500 resistance level.
The price even broke the $23,750 level and settled above the 100 hourly simple moving average. Finally, it spiked above the $24,000 level. A high was formed near $24,264 and the price is now consolidating gains. There was a minor downside correction below the $23,750 level.
Source:A close above the $24,000 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.