TA: Bitcoin Price Surges 6%, Why Recent Breakout Looks Real

• Aayush Jindal
• 11 Aug, 2022

Bitcoin price found support above $22,500 and surged over 6% against the US Dollar. BTC broke many hurdles and might rise further towards the $25,000 resistance.

Bitcoin started a fresh increase after it found strong bids above $22,500. The price now trades above the $23,500 level and the 100 hourly simple moving average.

There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is forming a bullish breakout pattern and might rise towards $25,000.

Bitcoin Price Breaks Resistance

Bitcoin price remained well supported above the $22,500 zone. BTC formed a double bottom pattern near the $22,500 level and started a substantial increase.

There was a move above the $23,000 and $23,500 resistance levels. The price even surged above the $24,000 resistance.
 

There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC/USD pair.

Bitcoin price even broke the $24,200 resistance and traded at $24,488. It is now consolidating gains above the $24,200 support zone.

It is also well above the 23.6% Fib retracement level of the upward move from the $22,685 swing low to the $24,488 high.

On the upside, immediate resistance is near the $24,450 level. The following key resistance is near the $24,500 zone.
 

A close above the $24,500 resistance zone could start another increase. The price may rise towards the $25,000 resistance in the stated case.

Dips Limited in BTC?

If bitcoin fails to clear the $24,500 resistance zone, it could correct lower. Immediate support on the downside is near the $24,200 level. The next significant support now sits near the $24,000 level.

If the bears push the price below the $24,000 support level, there might be a move towards the $23,550 level.

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It is near the 50% Fib retracement level of the upward move from the $22,685 swing low to the $24,488 high.

Any more losses might send the price towards $23,450 or the 100 hourly simple moving average. - newsbtc

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