Bitcoin Price Rise Above $24k- What is Going On?

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Bitcoin Price Rise Above $24k
Bitcoin Price Rise Above $24k

On Monday, 13 March, Bitcoin signified some constancy in the cryptocurrency market. The price of Bitcoin (BTC) surged over an estimated 9 percent and cleared the $24000 resistance. BTC might correct lower, but dips might be maintained near the $23500 zone. The development was mostly due to news about the government’s efforts to defend investors of Silicon Valley Bank.

As per the reports

  • BTC has on track a strong upsurge directly above the $23500 resistance zone.
  • The price trades above $24000 and the 100 hourly simple stirring average.
  • There is a short-term increasing channel starting with support near $24220 on the hourly chart of the Bitcoin/USD pair.
  • The pair could correct lesser towards the $23600 and $23500 support levels.

Moreover, the BTC price increased sturdily above the $22000 resistance zone. BTC grew optimistic momentum and blanked the $23500 resistance to move further into an encouraging zone. The price is up over 15%, and there was a strong move above the $24000 resistance zone.

That’s why a high is designed near $24599, and the price combines improvements. There is correspondingly a short-term growing channel making with support near $24220 on the hourly chart of the BTC/USD pair.

The Bitcoin worth now trades above $24000 and the 100 hourly simple moving average. It is well directly above the 23.6% Fib retracement level of the rising move from the $1955o swipe low to the $24599 high.

However, instantaneous resistance is close to the $24589 level. The next main resistance is near the $24620 zone. A close above the $24620 resistance might jolt a new upsurge toward the $25000 resistance. The next key resistance is near the $25200 zone, above which the price might increase bullish drive and test $26500.

While the bitcoin price flops to clear the 24620 resistance, it could correct lesser. Instant support on the hitch is near the $24220 zone and the channel inferior trend line.

However, the next main support is near the $23500 zone, below which the price might drip to $22800. The next main support is near the $22000 level or the 50% Fib retracement level of the rising move from the $19550 swipe low to the $24599 high. All dead might send the worth toward the $21200 level and the 100 hourly simple moving average.

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