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    Bitcoin Price Restarts Increase After Fed Rate Hike But Resistance Intact


    Bitcoin began a contemporary improve above the $22,000 resistance zone towards the US Dollar. BTC should clear $23,000 and $23,700 to proceed larger.

    • Bitcoin began a contemporary improve after the fed hiked rates of interest by 75bps.
    • The value is now buying and selling above the $22,500 stage and the 100 hourly easy shifting common.
    • There was a break above a significant bearish development line with resistance close to $21,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair should clear the $23,000 barrier to proceed larger within the close to time period.

    Bitcoin Price Starts Fresh Increase

    Bitcoin value stayed above the $21,000 support zone. It fashioned a base above the $21,000 stage and began a contemporary improve. The current fed rate of interest hike triggered a pointy upward transfer above the $22,000 resistance.

    The value was in a position to clear the 50% Fib retracement stage of the important thing drop from the $23,744 swing excessive to $20,750 low. Besides, there was a break above a significant bearish development line with resistance close to $21,800 on the hourly chart of the BTC/USD pair.

    Bitcoin value is now buying and selling above the $22,500 stage and the 100 hourly simple moving average. It looks as if the worth is dealing with a powerful resistance close to the $23,000 zone.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The 76.4% Fib retracement stage of the important thing drop from the $23,744 swing excessive to $20,750 low can also be appearing as a resistance. The subsequent key resistance is close to the $23,750 zone. A detailed above the $23,750 resistance zone might set the tempo for a powerful improve. In the acknowledged case, the worth might maybe rise in the direction of the $24,500 stage. The subsequent main resistance sits close to the $25,000 stage.

    More Losses in BTC?

    If bitcoin fails to clear the $23,000 resistance zone, it might begin a draw back correction. An instant help on the draw back is close to the $22,500 stage.

    The subsequent main help now sits close to the $22,150 and $22,000 ranges. A detailed under the $22,000 help zone may restart downtrend. In the acknowledged case, the worth may revisit the $21,000 help within the close to time period.

    Technical indicators:

    Hourly MACD – The MACD is now shedding tempo within the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the overbought zone.

    Major Support Levels – $22,500, adopted by $22,000.

    Major Resistance Levels – $23,000, $23,550 and $23,750.



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