Bitcoin Price Resumes Increase as Crypto Bulls Aim More Upsides

Jan 11, 2023 04:00 am Cryptocurrency 114

Bitcoin price extended its increase and traded towards $17,500. BTC is consolidating gains and might aim a move towards the $18,000 resistance.

Bitcoin extended its rise above the $17,200 and $17,250 resistance levels.

The price is trading above $17,200 and the 100 hourly simple moving average.

There is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move up towards the $18,000 resistance zone.

Bitcoin Price Gains Momentum

Bitcoin price settled above the key $17,000 pivot zone, opening the doors for more gains. BTC climbed further higher and was able to clear the $17,250 resistance zone.

The price even broke the $17,400 resistance zone and tested the next barrier at $17,500. A high is formed near the $17,500 level the price is now consolidating gains. It is now testing the 23.6% Fib retracement level of the bitcoin price resumes increase crypto bulls upsides