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Bitcoin Price Could Rise If Stays Above $23K

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Aayush Jindal

Key Highlights

  • Bitcoin price is consolidating above the $23,000 support zone.
  • BTC broke a major bearish trend line at $23,500 on the 4-hours chart.
  • Gold price climbed higher above the $1,830 resistance zone.
  • EUR/USD extended its recovery above the 1.0640 resistance zone.

Bitcoin Price Technical Analysis

Bitcoin price found support near the $22,800 zone after a major decline. BTC/USD traded as low as $22,823 and recently started an upside correction.

Looking at the 4-hours chart, the price climbed higher above the $23,400 resistance zone. Besides, there was a break above a major bearish trend line with resistance at $23,500 on the 4-hours chart.

There was a break above the 23.6% Fib retracement level of the downward move from the $25,243 swing high to $22,823 low. On the upside, the price is facing resistance near the $24,050 resistance zone.

The 50% Fib retracement level of the downward move from the $25,243 swing high to $22,823 low is also near the $24,050 level. A close above the $24,050 level may perhaps start another steady increase in the coming sessions.

In the stated case, the price could rise towards the $24,650 level. Any more gains could set the pace for a move towards the $25,000 level.

On the downside, the price is stable above the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours). An initial support sits near the $23,400 level. The main breakdown support sits near the $22,850 zone.

If there is a downside break and close below $22,850, bitcoin might start another decline in the coming days. In the stated case, it could revisit the $22,200 support or even test $21,500.

Economic Releases

  • Eurozone Consumer Price Index for Feb 2023 (YoY) – Forecast +8.2%, versus +8.6% previous.
  • Eurozone Consumer Price Index for Feb 2023 (MoM) – Forecast -0.3%, versus -0.2% previous.
  • US Initial Jobless Claims - Forecast 197K, versus 192K previous.
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