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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.

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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.

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Hourly RSI stays inside the overbought region.

Crucial support zones: $22.5K, $22K.

Critical resistance zones: $23K, $23,550, then $23,750. produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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