Bitcoin price is correcting gains from $24,000. BTC/USD remains supported for a new increase unless there is a clear move below $21,400.
Bitcoin Price Remains In Uptrend
After forming a base above the $20,000 level, the bitcoin price increased rapidly. The BTC/USD pair gained pace and cleared a few key hurdles near $22,000 and $22,500.
The price surpassed the $23,000 resistance and settled nicely above the 50 simple moving average (4 hours, blue). After that, it traded to a yearly high of $23,962 and struggled to clear the $24,000 hurdle. It is now correcting gains below $23,500, similar to ethereum, bnb, Cardano, and Solana.
The price is now trading near a key bullish trend line at $23,250 on the 4-hours chart. It is also trading close to the 23.6% Fib retracement level of the upward move from the $20,408 swing low to the $23,962 high.
On the downside, the first major support is near the $23,100 level and the 50 simple moving average (4 hours, blue). The next key support sits near the $22,350 level.
The 50% Fib retracement level of the upward move from the $20,408 swing low to the $23,962 high is also near the $22,200 level.
A clear move below the $22,200 support could spark a bearish move. The next major support is near the $21,400 support zone, where the bulls could take a strong stand. Any more losses may perhaps send the bitcoin price towards $20,000.
Fresh Rally in BTC?
On the upside, immediate resistance is near the $23,650 level. The first major resistance is near the $24,000 level. A close above the $24,000 level might start a strong increase toward the $25,000 level. The next major resistance is near the $25,500 zone. Any more gains might send the price toward the $26,800 resistance zone in the coming days.
The bitcoin price is slowly correcting gains from the $24,000 zone. BTC could correct further lower and test the $22,350 support or even $21,400 before a new increase. Conversely, the price might remain stable above the 50 simple moving average (4 hours, blue) and rally toward $25,000.
The post Bitcoin Price Sees Technical Correction, But Bullish Bias Is Still Strong — Here’s Why appeared first on CoinChapter.
