Bitcoin Price Uptrend Loses Steam, But Dips Turn Attractive In Near-Term

Key Takeaways:

  • Bitcoin price started a strong increase above the $22,000 resistance zone.
  • BTC/USD cleared a major bearish trend line with resistance near $18,800 on the daily chart.
  • The price could rise further if it clears the $23,000 resistance zone.
Bitcoin Price Uptrend Loses Steam But Dips Turn Attractive In Near-Term
Bitcoin Price Uptrend Loses Steam But Dips Turn Attractive In Near-Term

Bitcoin price moved into a positive zone above the $22,000 resistance. BTC/USD could rise further if there is a close above the $23,000 resistance zone.

Bitcoin Price Climbs Over 10%

After clearing the $18,500 resistance zone, the Bitcoin price increased. The BTC/USD pair increased after a close above the $18,800 and $19,000 levels.

During the increase, the price cleared a major bearish trend line with resistance near $18,800 on the daily chart. It opened the doors for a steady increase above the $20,000 resistance zone and the 50-day simple moving average (blue).

Bitcoin price daily chart
Bitcoin price daily chart | Source: BTCUSD on TradingView.com

The bulls even pumped the price above the $22,000 resistance zone. The Bitcoin price rise also raised the market sentiment for Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and other altcoins.

The increase was such that the price climbed above the 61.8% Fib retracement level of the main decline from the $25,205 swing high to the $15,487 swing low. In addition, the price is showing many positive signs above the $22,000 level and the 50-day simple moving average (blue).

On the upside, immediate resistance is near the $23,000 level. In addition, it is close to the 76.4% Fib retracement level of the main decline from the $25,205 swing high to the $15,487 swing low.

The next key resistance might be near the $24,000 level. A close above the $24,000 level might send the price toward the $25,200 resistance zone or the last swing high. Any more gains might push the price above the $25,500 resistance zone. The price might rise toward the $26,500 resistance in the stated case.

Short-term Downside Correction in BTC?

If there is no upside break above $23,000, the price might correct lower. The first major support is near the $22,000 level. The main support is now forming near the $20,000 level, below which the price could gain bearish momentum.

In the stated case, the price may test the $18,500 support and the 50-day simple moving average (blue). Any more losses might open the doors for a drop toward the $16,500 level.

The Bitcoin price shows many bullish signs above the $22,000 level. The current price action suggests more upsides above the $23,000 resistance zone. Conversely, the price may start a downside correction toward the $20,000 support zone.

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