TA: Bitcoin Price Surge Could Extend Above $24K, Indicators Turn Green

Bitcoin gained pace above the $23,000 resistance against the US Dollar. BTC could rise further towards $24,000 if it stays above the $22,750 support. Bitcoin climbed over 5% and there was a move above the $23,000 resistance zone. The price is now trading above the $22,750 level and testing the 100 hourly simple moving average. There is a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to rise if it clears the $23,500 and $22,750 levels. Bitcoin Price Starts Fresh Increase Bitcoin price started a decent increase after it managed to settle above the $22,000 resistance zone. BTC gained pace for a move above the $23,000 resistance level. The price even broke the $23,500 level and settled above the 100 hourly simple moving average. A high was formed near $23,782 and the price is now consolidating gains. There was a minor downside correction below the $23,500 level. Bitcoin traded below the 23.6% Fib retracement level of the upward move from the $21,403 swing low to $23,782 high. However, the bulls were active near the $23,000 support zone. There is also a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,500 level. The next key resistance is near the $23,750 zone. Source: BTCUSD on TradingView.com A close above the $23,75...