Bitcoin Price Soars 6%, Why Recent Breakout Looks Real

Bitcoin price has found support above $22,500, surging over 6% against the US dollar. BTC has broken many hurdles and may move further towards the $25,000 resistance.

Bitcoin has started a new rally after finding strong bids above $22,500.
The price is currently trading above the $23,500 level and the 100 hour simple moving average.
The BTC/USD pair’s hourly chart (data feed from Kraken) has broken out of a key bearish trendline with resistance near $23,350.
The pair has formed a bullish breakout pattern and a rally to $25,000 is possible.

Bitcoin price breaks resistance
Bitcoin price is well supported above the $22,500 zone. BTC has started a strong rally by forming a double bottom pattern near $22,500.
It has crossed the $23,000 and $23,500 resistance levels. The price has surged above the $24,000 resistance and has broken above the major bearish trend line with resistance near $23,350 on the hourly chart of the BTC/USD pair.
Bitcoin price broke the $24,200 resistance and traded to $24,488. It is now consolidating above the $24,200 support zone. It is also well above the 23.6% Fib retracement level of the move from swing lows of $22,685 to highs of $24,488.

Source: BTCUSD on
On the upside, immediate resistance is near $24,450. The next key resistance is near $24,500. A breakout of the $24,500 resistance zone can start a further rally. In this case, the price could probably move higher towards the $25,000 resistance.
Are BTC dips limited?
Bitcoin could fall if it fails to clear the $24,500 resistance zone. The immediate support for the downside is near $24,200. The next major support is currently near $24,000.
If the bears break the $24,000 support level, a move towards the $23,550 levels is likely. Approaching the 50% Fib retracement level of the move from the swing low of $22,685 to the high of $24,488. Further losses could send the price towards the $23,450 level or the 100 hour simple moving average.
Technical indicators:
Hourly MACD – The MACD is currently slowing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
Major Support Level – $24,200, followed by $23,500.
Key resistance levels – $24,450, $24,500, $25,000. Bitcoin Price Soars 6%, Why Recent Breakout Looks Real

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