New Delhi(CoinChapter): Bitcoin price gained pace and spiked above the $25,200 resistance. BTC/USD is still at a risk if there is no daily close above $25,200.
Bitcoin Price Faces Rejection
In the past few days, bitcoin price saw a major increase above the $22,000 resistance zone. The BTC/USD pair gained pace for a clear move above the $22,500 resistance zone.
The pair broke a major bearish trend line with resistance at $22,750 on the daily chart. It opened the doors for a move above the $24,000 resistance and a close above the 50-day simple moving average (blue).
Bitcoin price daily chart | Source: BTCUSD on TradingView.com
The price gained over 20% in the past few days, pumping Ethereum and BNB. Finally, the price spiked above the main resistance at $25,200, but there was no daily close.
A high is formed near $26,529 and recently started a downside correction. There was a move below the $25,200 pivot level. Bitcoin price even declined below the 23.6% Fib retracement level of the upward move from the $19,592 swing low to $26,529 high.
On the upside, an immediate resistance is near the $24,900 level. The next key resistance is still near the $25,200 level. A daily close above the $25,200 level might send the price further higher and start a medium term uptrend.
In the stated case, the price might rise toward the $27,500 resistance. Any more gains might even push the price above the $28,000 resistance zone.
If there is no upside break above $25,200, the price might decline again. The first major support is near the $24,000 level. The main support is now forming near the $23,000 level or the 50% Fib retracement level of the upward move from the $19,592 swing low to $26,529 high, below which the price could gain bearish momentum.
In the stated case, the price may perhaps test the $21,450 support. Any more losses might open the doors for a drop toward the $20,000 level.
Overall, bitcoin price is still facing a major hurdle at $25,200. BTC must settle above the $25,200 resistance to start a real uptrend. Conversely, the price may perhaps start a fresh decline and revisit the $23,000 support.
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