TA: Bitcoin Price Smashes Resistance, Why $23K Could Be Next

Bitcoin gained pace above the $22,000 resistance against the US Dollar. BTC could rise further towards $23,000 if it stays above the $21,500 support. Bitcoin is up over 5% and there was a move above the $22,000 resistance zone. The price is now trading above the $21,800 level and testing the 100 hourly simple moving average. There is a key connecting bullish trend line forming with support near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to rise if it clears the $22,500 and $22,600 levels. Bitcoin Price Gains Momentum Bitcoin price remained supported above the $20,500 zone. The price started a decent increase and was able to clear the $21,500 resistance zone. The bulls even pumped the price above the $22,000 resistance zone. The price traded as high as $22,766 and settled above the 100 hourly simple moving average. Recently, there was a downside correction below the $22,500 level. Bitcoin dipped below the 50% Fib retracement level of the upward move from the $20,748 swing low to $22,766 high. However, the bulls were active near the $21,500 support zone and the 100 hourly simple moving average. The price stayed above the 61.8% Fib retracement level of the upward move from the $20,748 swing low to $22,766 high. There is also a key connecting bullish trend line forming with support near $21,800 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could resistan...