Bitcoin Price Passes Key Resistance And Eyes New Rally To $18,000

The price of Bitcoin accelerated and surpassed the $17,000 resistance level. BTC is exhibiting good indicators and may approach the $18,000 barrier level.

The price of Bitcoin developed a support base of over $16,650. BTC remained in high demand and began a new ascent above the $16,800 and $17,000 barrier levels.

The closing price was more than $17,000 and the 100-hour simple moving average. At $17,244, the price reached a new annual high and shattered a key barrier. It is now consolidating gains of over $17,000. It is trading above the 23.6% Fibonacci retracement level of the upward advance from the swing low of $16,910 to the high of $17,244.

The price of Bitcoin is now trading over $16,800 and the 100-hour simple moving average. On the hourly chart of BTC/USD, a big bullish trend line with support at $16,800 is also formed.

Near the $17,250 level is an immediate resistance level on the upward. Near the $17,500 zone comes the next significant obstacle. A decisive advance and closure over the $17,500 barrier might spark another near-term uptrend. In the effects of exposure, the price may approach $18,000. Any more advances might necessitate a move towards $18,500.

If the bitcoin price fails to surpass the $17,250 barrier, a downward correction might begin. Near the $17,150 level is near-term support on the downside.

The next significant support level is at $17,000. It is close to the 50% Fib retracement level of the upward advance from the swing low of $16,910 to the peak of $17,244. The price may retest $16,800 if it falls below the $17,000 level, which is now acting as the primary support.

Also Read: DOJ Seizes More Than $456,000,000 Worth Of Robinhood Shares Connected To FTX Founder Sam Bankman-Fried