Bitcoin price is hovering above $22,000 level in the green zone. In case BTC surpassed $22,500, it could potentially form a new rally. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin has stabilized above $21,500 and $22,000.
- Currently, the price is above $22,000 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see a new uptrend forming with support level at $21,800.
- At the moment, BTC is having a slight correction and could likely form a new rally at above $22,500.
Bitcoin Price Action Analysis
BTC could finally surpass $21,500 and $22,000 levels with the support coming from buyers. With that, the price stabilized above $22,000 and the SMA100. Subsequently, Bitcoin price reached a high of $22,473 and went for a correction. Consequently, BTC dipped below $22,200 and penetrated below the 23.6% Fibonacci retracement level from the latest growth from $21,180 to $22,473. Currently, the price is above $22,000 and the 1-hour candles are above the SMA100. On the 1-hour chart, we see a new uptrend forming with support at $21,800.
The first resistance for BTC is at $22,450 followed closely by $22,500. Breaking through $22,500 will likely cause further growth. In which case, the $23,200 will be the next resistance level and would pave the way to reach $24,000.
On the other hand, if Bitcoin price fails to surpass $22,500, there could be further correction ahead. For this scenario, the $22,000 will be the first support level followed by $21,800. This level is near the 50% Fibonacci retracement level from the latest rise. Dipping below $21,500 can push BTC further down to $21,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $22,450, $22,500 and $23,200 are crucial resistance levels for BTC.
Support levels: The $21,800 is currently the key support level for the price.
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