• Bitcoin price recently surged above the $23,000 resistance and is currently trading near the all-time high.
• There was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair.
• The bulls are likely to aim for a test of the $25,000 resistance zone if they can stay above the $23,450 support zone.
Bitcoin Price Surge
Bitcoin price has started another surge above the $23,000 resistance level. The bulls might be aiming for a test of the $25,000 resistance zone as BTC is gaining momentum. It broke past a key contracting triangle with resistance near $23,145 on its hourly chart and is now trading well above $23,000 and the 100 hourly simple moving average.
The immediate resistance level is near the $23,800 mark and if Bitcoin can pass this level it could start a strong increase towards the next major resistance around $24,200. If this happens then it may even go up to as high as $25,500 before finding any significant resistances again.
If Bitcoin fails to clear that initial resistance at 23800 then it could start dropping in value again. In that case there will be an immediate support found around 23650 which should prevent further losses but if that fails then there will be another major support at 23450 or 50% Fib retracement level of its recent increase from 22900 swing low to 23950 high.
Future Price Prediction
If Bitcoin continues to go up beyond 25500 then it might reach 26000 before finding any solid resistances again and if it goes down below 23450 then we could expect it to fall as low as 22150 in short term period.
In conclusion we can see that Bitcoin has been doing quite well lately and with strong supports being present around certain levels we should see some good volatility in upcoming days making interesting opportunities for traders and investors alike who are looking to make profits by taking advantage of such situations arising in market due to these price fluctuations caused by market forces such as supply & demand etc