Bitcoin (BTC) Kick-Starts Upside Following Fed Hike but Resistance Still Intact
BTC/USD launched new uptrends beyond the resistance level at $22K. The crypto should overcome $23K and $23.7K to extend higher.
- Bitcoin kick-started new upswings after the Federal Reserve announced a 75bp rate hike.
- Bitcoin trades beyond $22.5K and 100hr Simple Moving Average.
- The 1hr chart shows a break beyond a massive bearish line with $21,8K resistance.
- Bitcoin should overpower $23K to stretch upside in the short term.
BTC Starts New Increase
BTC price hovered beyond the support floor at $21K. The world’s largest crypto created a base beyond $21K and launched upside movements. The latest rate decision by the Fed catalyzed a swift surge, taking Bitcoin beyond the resistance at $22K.
The surge saw prices overcoming the 50% Fibonacci retracement mark of the decline from $23,744 to $20,750. Moreover, the hourly chart shows BTC broke past an immense bearish trendline with a resistance of around $21.8K. Bitcoin climbed to trade beyond $22.5K and 100hr Simple Moving Average. The price seems to face hurdles at the $23K value area.
Also, the 76.4% Fibonacci retracement mark of the plunge to $20,750 from the swing peak of $23,744 serves as resistance. Overcoming this territory would open the path to the obstacle at $23,750. A closing beyond this value area might welcome massive price upticks for Bitcoin. Such a case could see prices propelling towards $24.5K. Bitcoin bulls will meet another crucial resistance at $25K.
More BTC Declines?
Bitcoin might resort to declines if it fails to overcome the resistance level at $23,000. While publishing this post, BTC changed hands at $23,155 and seems to lose upside momentum. The bellwether crypto will likely dip in the coming hours. Downward movements will meet immediate support at $22.5K.
Bitcoin will secure another foothold in the $22,150 – $22,000 territory. A closing beneath the support level of $22K might welcome downtrends. Such a development would see BTC revisiting the footing around the $21,000 mark.
BTC Technical Indicators
Hourly MACD loses momentum within the bullish area.
Hourly RSI stays inside the overbought region.
Crucial support zones: $22.5K, $22K.
Critical resistance zones: $23K, $23,550, then $23,750.
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