Value of BTC (Bitcoin) is trading above $23,800 and is showing signs of a break-out. The cryptocurrency is currently trading at more than $23,500 and could reach the value of $24,000 if it can keep itself above the $23,500 support.
Later, the value of btc climbed over 5% and experienced a move above the $23,500 resistance zone. The cost is now trading at more than the $23,862 level, and it can test the 100 hourly simple moving average.
A big trend line is going to form with support near $22,750 on the hourly chart of the BTC/USD pair. Later, the pair might increase when it clears the $23,500 and $22,750 levels.
Also Read: Singapore Govt Tightens Crypto Regulations
On the other hand, a clear break below $23,500 could abort any further gains towards $24,000. The value of btc has already broken through many resistances in the past few days and might continue to move up further in the short term.
Bitcoin’s price started to increase again in the last week of June. The value of btc has increased above the $22,000 resistance zone and it had increased its speed for a move above the $23,000 resistance level.
Value exceeded the $23,500 mark and eventually settled above the 100-hour simple moving average. The value of bitcoin, which is currently trading at $23,782, may significantly grow in this scenario. Value has changed in the market to accumulating gains. However, below the $23,500 barrier, individuals will suffer a little negative adjustment.
Also Read: 5ire Blockchain Startup Becomes A Unicorn
The market has seen bitcoin trading under the 23.6% Fib retracement level of the upward move, where the low swing was $21,403, and the high was $23,782. But the Bulls worked actively near the $23,000 support zone.
The market will see another trend line that was created with support near $22,750 on the hourly chart of the BTC/USD pair. When the price rises upside, the value of the BTC might face resistance adjacent to the $23,500 level. After that, the upcoming critical resistance level is seen adjacent to the $23,750 zone.
Also Read: Anniversary Of Binance, Brings Offers For Users
A value near this level can increase by setting more upsides. When discussing this case further, it is possible that a price increase can reach as high as $24K or even $25K without any problems at all! However, if you want to make a profit on your trade then you should consider buying at a price lower than $23K and selling when it reaches its target level which will be around $24K or above depending on how much time you have left before it reaches its target level again after reaching its target level first time around!
