Key Highlights
- Bitcoin price started a fresh increase above the $23,000 resistance.
- A key bullish trend line is forming with support near $23,150 on the 4-hours chart.
- Gold price rallied above the $1,950 resistance after the fed raised rates by 25 bps.
- Crude oil price is moving lower below the $80 support.
Bitcoin Price Technical Analysis
Bitcoin price formed a base and started a fresh increase above $23,000 resistance. BTC/USD surpassed key hurdles near $23,500 to move into a positive zone.
Looking at the 4-hours chart, the price traded above the $23,800 resistance, the 200 simple moving average (green, 4-hours), and the 100 simple moving average (red, 4-hours).
There was also a spike above the $24,000 resistance level after the Federal Reserve raised its benchmark rate by a quarter point. It pumped bitcoin and gold above key hurdles. BTC was able to move further into a positive zone and traded to a new yearly high at $24,246.
It is now showing a lot of positive signs and might rise further above $23,250. The next resistance sits near the $24,500 zone. A close above the $24,500 level may perhaps start another steady increase in the coming sessions.
In the stated case, the price could rise towards the $25,500 level. Any more gains could set the pace for a move towards the $26,000 level.
On the downside, an initial support sits near the $23,650 level. The main breakdown support sits near the $23,000 zone. If there is a downside break and close below $23,000, bitcoin might start another decline in the coming days. In the stated case, it could revisit the $21,500 support or even test $20,000.
Economic Releases
- BoE Interest Rate Decision – Forecast 4%, versus 3.5% previous.
- US Initial Jobless Claims – Forecast 200K, versus 186K previous.
