TA: Bitcoin Price Restarts Increase After Fed Rate Hike But Resistance Intact

Bitcoin started a fresh increase above the $22,000 resistance zone against the US Dollar. BTC must clear $23,000 and $23,700 to continue higher. Bitcoin started a fresh increase after the fed hiked interest rates by 75bps. The price is now trading above the $22,500 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $23,000 barrier to continue higher in the near term. Bitcoin Price Starts Fresh Increase Bitcoin price stayed above the $21,000 support zone. It formed a base above the $21,000 level and started a fresh increase. The recent fed interest rate hike triggered a sharp upward move above the $22,000 resistance. The price was able to clear the 50% Fib retracement level of the key drop from the $23,744 swing high to $20,750 low. Besides, there was a break above a major bearish trend line with resistance near $21,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $22,500 level and the 100 hourly simple moving average. It seems like the price is facing a strong resistance near the $23,000 zone. Source: BTCUSD on TradingView.com The 76.4% Fib retracement level of the key drop from the $23,744 swing high to $20,750 low is also acting as a resistance. The next key resistance is near the $23,750 zone. A close above the $23,750 resista...