Market Analysis

Bitcoin Price Climbs Above $24K After Fed Raised Rates by 25bps

Key Highlights

  • Bitcoin price started a fresh increase above the $23,000 resistance.
  • A key bullish trend line is forming with support near $23,150 on the 4-hours chart.
  • Gold price rallied above the $1,950 resistance after the fed raised rates by 25 bps.
  • Crude oil price is moving lower below the $80 support.

Bitcoin Price Technical Analysis

Bitcoin price formed a base and started a fresh increase above $23,000 resistance. BTC/USD surpassed key hurdles near $23,500 to move into a positive zone.

Looking at the 4-hours chart, the price traded above the $23,800 resistance, the 200 simple moving average (green, 4-hours), and the 100 simple moving average (red, 4-hours).

There was also a spike above the $24,000 resistance level after the Federal Reserve raised its benchmark rate by a quarter point. It pumped bitcoin and gold above key hurdles. BTC was able to move further into a positive zone and traded to a new yearly high at $24,246.

It is now showing a lot of positive signs and might rise further above $23,250. The next resistance sits near the $24,500 zone. A close above the $24,500 level may perhaps start another steady increase in the coming sessions.

In the stated case, the price could rise towards the $25,500 level. Any more gains could set the pace for a move towards the $26,000 level.

On the downside, an initial support sits near the $23,650 level. The main breakdown support sits near the $23,000 zone. If there is a downside break and close below $23,000, bitcoin might start another decline in the coming days. In the stated case, it could revisit the $21,500 support or even test $20,000.

Economic Releases

  • BoE Interest Rate Decision – Forecast 4%, versus 3.5% previous.
  • US Initial Jobless Claims – Forecast 200K, versus 186K previous.

Read More:Bitcoin Price Climbs Above $24K After Fed Raised Rates by 25bps

2023-02-02 06:30:59

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