Bitcoin started a fresh increase above the $23,000 resistance zone against the US Dollar. BTC might continue to rise towards the $25,000 resistance zone. Bitcoin started a fresh increase and climbed above the $23,000 resistance. The price is now trading above the $23,000 level and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $24,000 resistance to continue higher in the near term. Bitcoin Price Rises Steadily Bitcoin price remained well bid above the $22,000 support zone. It formed a base above the $22,500 level and started a fresh increase. The price was able to gain pace for a move above the $23,000 resistance zone. The bulls pumped the price above the $23,500 resistance. It even spiked above the $24,000 level and traded as high as $24,198. It is now trading above the $23,000 level and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair. It is also trading well above the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high. Bitcoin price is facing resistance near the $24,000 level. Source: BTCUSD on TradingView.com The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could set the pa...
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