Strengthening Case For BTC Rally Suggests Move Above $25,000

The Strengthening case for Bitcoin rally suggests a new move above $25,000 as the number one cryptocurrency extended its rise and traded above $24,000 against the US dollar. Now, BTC is correcting lower with chances to look into support near the $23,000 level so let’s take a closer look at our latest bitcoin news.

BTC rallied further and traded to a new all-time high above the $24,000 level with the price correcting below the $23,500 but it is well above the 100 simple moving average and a break above the key contracting triangle with resistance near the $23,100 on the 4-hour charts of the pair. BTC/USD could likely find a strong buying interest near the $23,000 or $22,780. In the past few days, there was a rise in Bitcoin’s price above $20,000 resistance against the US dollar with the pair breaking many hurdles near the $22,000 in order to extend the rally.

During the recent increase, there was a break above the key contracting triangle with resistance set at the $23,100 on the 4-hour charts of the BTC/USD pair which was able to climb above the $24,000 resistance and settled well above the 100 simple moving average. A new all-time high was formed close to the $24,260 and the price started correcting lower with a break below the $23,500 support level with the price testing the 50% fib retracement level from the increase at $22,320 swing low to $24,260 swing high. BTC is approaching a few of the key supports close to the $23,000 level with the strengthening case for Bitcoin rally suggests a new move higher.

The next major support is close to the $22,780 level with more losses leading the price to the $22,320 swing low or even $22,000. The initial resistance on the upside is close to the $23,650 level with the first major resistance nearing the $24,000 with a clear break above the $24,000 resistance level being able to open the doors for a new all-time high above this levels. The 4-hours MACD indicators for the pair are losing momentum in the bullish zone with the 4-hour RSI is correcting in the lower region towards 60 levels.

As recently reported, The selling pressure proved to be quite significant and slowed down the growth but the cryptocurrency does seem to be poised to see more upsides. One analytics company explained in a tweet that a massive short-sided liquidation boosted the movement which could be the main factor that helped to add ferocity to this movement.