Bitcoin Eyes $22,500 as Next Bullish Target
Bitcoin is currently trading above the $22,000 resistance level against the US Dollar. If the cryptocurrency can muster a sustained move above the $22,500 resistance level, it could signal further upside potential.
Bitcoin looks set to continue its upwards momentum, with analysts predicting a move above the $22,500 resistance in the near future. This would take the cryptocurrency back to its all-time high levels, and could see it continue to climb in value in the months ahead.
- Bitcoin's recent surge above $21,500 has investors optimistic that the digital currency could continue its march higher. Some market analysts believe that bitcoin could even top $22,000 in the near term.
- It seems that the price of Bitcoin is on the rise once again, as it is now trading above $22,000.
- The market looks bullish in the short-term, with support near $21,800 on the hourly chart. A break below this level could see BTC testing the $20,000 support level again.
- It looks like the pair is consolidating its gains and might be preparing for a fresh surge above the $22,500 resistance. This would be a significant move higher, and could open up the possibility of further gains towards the $25,000 level.
Bitcoin Price Eyes More Upsides
The Bitcoin price is continuing to rise, and it looks like it could break through the $21,500 and $22,000 resistance levels very soon. If it does, this could lead to even more gains in the price, potentially taking it above the $22,000 resistance zone and the 100 hourly simple moving average. This would be a very positive development for Bitcoin, and could see the price continue to rise in the coming days and weeks.
It seems that the market is not yet ready to sustain a move above the $22,500 resistance zone. After forming a high near $22,473, the price started to correct lower. The move below the $22,200 level and the 23.6% Fib retracement level of the upward move from the $21,180 swing low to $22,473 high suggests that the market may be preparing for a further move down.
Bitcoin's price is now trading above $22,000, and the 100-hour simple moving average is providing support near $21,800. A major bullish trendline is forming, which could lead to even higher prices in the near future.
The upside looks promising for Bitcoin, with immediate resistance near the $22,450 level and the next major resistance sitting near the $22,500 level. A close above the $22,500 resistance could start a fresh surge, with the price potentially rising towards $23,200. Any further gains could send the price towards the $24,000 resistance zone.
Dips in BTC prices may be limited in the near future.
There is a possibility that bitcoin may start to experience a downside correction if it fails to clear the $22,500 resistance zone. The immediate support on the downside is located near the $22,000 zone. This potential correction could be a result of the current market conditions and the overall volatility of bitcoin.
It is likely that the next major support for bitcoin will be near the $21,800 level, which is close to the 50% Fibonacci retracement level of the recent upward move from the $21,180 swing low to the $22,473 high. The first major support is now forming near the $21,500 level, so a downside break below this level could send the price towards the $21,000 support.
As a technical indicator, the moving average (MA) is widely used by traders and investors to determine the overall trend of a security or market.
The MACD is now losing pace in the bullish zone, which could signal a potential reversal in the near future.
The RSI for BTC/USD is now above the 50 level, indicating that the cryptocurrency is in a strong uptrend. The RSI is a popular technical indicator that measures the strength of a given asset's price movements.
The major support levels for the market are currently at $21,800 and $21,500. These levels are important to watch as they could provide some stability for the market in the near future.
It is evident that the major resistance levels for Bitcoin are $22,450, $22,500, and $23,200. These are key levels that need to be watched closely in the coming days and weeks.