- The price of Bitcoin remains above the area of 22,300 USD.
- An uptrend line is visible on the hourly chart with support near $22,100.
- The BTC/USD pair could start a new rally if it breaches the $23,500 resistance zone.
Bitcoin price rallied above the $22,500 resistance zone, even breaking above the $23,000 level before facing sellers near the $23,500 zone.
The price reached $23,428 before a downward correction occurred, similar to that of Ethereum. A move below the $23,000 level occurred, and the price even dipped below the 23.6% Fibonacci retracement level of the ascending wave from the $20,396 low to the $24,249 high.
However, the price is stable above $22,500 and the 100-hour SMA. In the hourly chart, the BTC/USD pair shows an uptrend line with support near $22,100.
Immediate resistance is near the $23,200 level. The next major resistance is at the $23,400 area, above which the price could gain upward momentum. In the indicated case, the price could even exceed the level of 23,500 USD. The next hurdle could be near the $24,200 level. And if it continues to rise, the price of BTC could approach USD 25,000.
If Bitcoin fails to break above the $23,400 resistance, another bearish correction could begin. Immediate support is near the $22,700 area. The next major support is near $22,100, and if further declines occur, the price could reach $21,500 in the short term.
