TA: Bitcoin Price Breaks $24K, Why BTC Could Rise Further To $25K

Bitcoin gained pace and cleared the $24,000 resistance against the US Dollar. BTC could rise further towards $25,000 if it stays above the $23,000 support. Bitcoin remained in a positive zone and climbed above the $24,000 resistance zone. The price is now trading above the $23,000 level and testing the 100 hourly simple moving average. There is a key bullish trend line forming with support near $23,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to rise if it clears the $23,750 and $24,000 levels. Bitcoin Price Remains In Uptrend Bitcoin price started a steady increase after it cleared the $23,000 resistance zone. BTC gained pace for a move above the $23,500 resistance level. The price even broke the $23,750 level and settled above the 100 hourly simple moving average. Finally, it spiked above the $24,000 level. A high was formed near $24,264 and the price is now consolidating gains. There was a minor downside correction below the $23,750 level. Bitcoin traded below the 38.2% Fib retracement level of the upward move from the $21,405 swing low to $24,264 high. However, the bulls were active near the $23,000 support zone. There is also a key bullish trend line forming with support near $23,200 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,750 level. The next key resistance is near the $24,000 zone. Source: BTCUSD on TradingVie...