Why Bitcoin Rally Could Soon Fade If BTC Fails To Surpass $24K

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Bitcoin price started a new upward move from the support zone of USD 22,000 against the US dollar. BTC is now trading well above the 100-hour SMA but is facing hurdles near $ 24,000.

  • Bitcoin started a new surge above the $ 23,000 and $ 23,500 resistance levels.
  • The price is currently trading well above $ 23,200 and the 100-hour simple moving average.
  • The hourly chart of the BTC / USD pair (data feed from Kraken) broke above a major bearish trendline with resistance near USD 23,200.
  • The pair could fall again if it does not hit the $ 24,000 and $ 24,200 resistance levels.

Bitcoin price shows bullish signs

After falling sharply, Bitcoin price found support near the $ 22,350 level. A support base was formed before BTC launched a fresh surge above the USD 22,800 and USD 23,000 levels.

The price rose above the resistance level of $ 23,200 bullish and moved above the 100-hour simple moving average. There was also a break above a major bearish trendline with resistance near USD 23,200 on the hourly chart of the BTC / USD pair.

Bitcoin even climbed above the USD 23,500 resistance level and traded close to the USD 24,000 resistance. A high is being formed near $ 24,044 and the price is clearly facing hurdles near $ 24,000.

Source: BTCUSD on TradingView.com

It is now trading near the 23.6% fib retracement level of the recent wave from the $ 22,359 swing low to the $ 24,044 high. The next big downside support is near the $ 23,500 level, or the 100-hour simple moving average.

There is also a connecting bullish trendline forming with support near the USD 23,200 level. It coincides with the 50% Fib retracement level of the recent wave from the $ 22,359 low to the $ 24,044 high. Other drawbacks below trendline support could push the price towards the USD 22,350 support zone in the upcoming sessions.

Upsides break into BTC?

If Bitcoin remains stable above the USD 23,500 and USD 23,320 levels, there is a high likelihood of an upside break. Initial resistance to the upside is near the $ 24,000 level.

The next major resistance is near the $ 24,250 level. A closing price above the $ 24,250 level could start another pump and the price could move slightly towards the $ 25,000 level in the short term.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 50 level.

Major support levels – $ 23,500 followed by $ 23,200.

Main Resistance Levels – $ 24,000, $ 24,100, and $ 24,250.