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Bitcoin is gaining bullish momentum above $24,500 in opposition to the US Dollar. BTC may achieve bullish momentum if it clears the $25,000 resistance zone.

• Bitcoin began a contemporary enhance above the $24,200 resistance zone.
• The value is now buying and selling above the $24,000 stage and the 100 hourly easy shifting common.
• There is a key bullish development line forming with assist close to $24,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may achieve bullish momentum if there’s a clear transfer above the $25,000 resistance.

Bitcoin Price Gains Momentum

Bitcoin value tried a contemporary enhance above the $24,500 resistance zone. BTC gained tempo for a transfer above the $24,800 stage, with an in depth above the 100 hourly easy shifting common.

The value even spiked above the $25,000 stage. A excessive was fashioned close to $25,045 earlier than there was a draw back correction. There was a transfer beneath the $24,500 assist stage. The value declined beneath the 50% Fib retracement stage of the upward transfer from the $23,600 swing low to $25,045 excessive.

However, the bulls had been lively close to a key assist at $24,200. The 61.8% Fib retracement stage of the upward transfer from the $23,600 swing low to $25,045 excessive acted as a assist.

There can be a key bullish development line forming with assist close to $24,400 on the hourly chart of the BTC/USD pair. Bitcoin value is now buying and selling above the $24,000 stage and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $24,800 stage. The subsequent key resistance is close to the $25,000 zone. An in depth above the $25,000 resistance zone may begin one other enhance. In the said case, the value might maybe check the $25,800 resistance. Any extra beneficial properties may ship the value in direction of the $26,200 stage.

Dips Supported in BTC?

If bitcoin fails to clear the $25,000 resistance zone, it may begin a draw back correction. An quick assist on the draw back is close to the $24,600 stage.

The subsequent main assist now sits close to the $24,500 stage, the development line, and the 100 hourly SMA. If the bears push the value beneath the $24,500 assist stage, there is likely to be a transfer in direction of the $24,200 stage. Any extra losses may ship the value in direction of $23,500 stage.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $24,500, adopted by $24,200.

Major Resistance Levels – $25,000, $25,800 and $26,200.