Given that the price of Bitcoin has been lingering above the $17,000–$20,000 range over the past few weeks, Bitcoin’s sharp downturn is likely to come to an end. The price is currently retesting the $23,000 resistance level after being rejected three times from the $20,000 support area.
Bitcoin Advocates Rejoice
The market flashed its first significant relief rally in at least a month, and crypto enthusiasts rejoiced at the sight of green on July 19 as the months of “down only” price action finally came to a stop.
According to TradingView data, Bitcoin’s breakthrough over resistance at $23,000 — its first appreciable move above the 200-week moving average — is largely responsible for the renewed optimism.
The price even broke the $23,500 level and settled above the 100 hourly simple moving average. A high was formed near $23,782 and the price is now consolidating gains. There was a minor downside correction below the $23,500 level.
Bitcoin traded below the 23.6% Fib retracement level of the upward move from the $21,403 swing low to $23,782 high. However, the bulls were active near the $23,000 support zone.
There is also a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,500 level. The next key resistance is near the $23,750 zone.
Source: BTCUSD on TradingView.com
A close above the $23,750 resistance zone could set the pace for more upsides. In the stated case, the price may perhaps rise towards the $24,000 level. The next major resistance sits near the $24,500 level.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $22,750, followed by $22,500.
Major Resistance Levels – $23,500, $23,750 and $24,000.
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