Bitcoin Price Restarts Rally As The Bulls Target New Monthly High

Bitcoin price is again gaining pace above the $25,000 resistance. BTC could rise further if it clears the $26,500 resistance zone.

• Bitcoin is moving higher and gaining pace above the $25,200 resistance.
• The price is trading above $25,000 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $24,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rally further if it stays above the $25,200 support zone.

Bitcoin Price Regains Strength

Bitcoin price started a downside correction below the $25,000 support zone. BTC traded below the $24,500 level, but the bulls were active near the $24,000 zone.

A low was formed near $23,913 and the price started a fresh increase. There was a clear move above the $24,500 resistance zone. The price even cleared the 50% Fib retracement level of the downward move from the $26,525 swing high to $23,913 low. Besides, there was a break above a major bearish trend line with resistance near $24,450 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $25,000 and the 100 hourly simple moving average.

On the upside, an immediate resistance is near the $25,900 level. It is near the 76.4% Fib retracement level of the downward move from the $26,525 swing high to $23,913 low. The next major resistance is near the $26,500 zone. A close above the $26,500 resistance might start another surge.

Source: In the stated case, the price could rally towards the $27,200 level. The next key resistance is near the $28,000 zone, above which the price might rise towards $28,800.

Dips Supported in BTC?

If bitcoin price fails to clear the $25,900 resistance, it could start another decline. An immediate support on the downside is near the $25,200 zone. The next major support is near the $24,500 zone and the 100 hourly simple moving average, below which the price gain bearish momentum. The next major support is near the $24,000 level. Any more losses might send the price towards the $23,200 level. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $25,200, followed by $24,500. Major Resistance Levels – $25,900, $26,500 and $27,200.