- BTC stretched its surges past the $17.5K and $18K resistance marks.
- Bitcoin trades beyond $18K and the 100 1hr Simple Moving Average.
- The 1hr chart shows a notable bullish trend emerging with footing near $17.4K (Kraken stats).
- BTC/USD might continue uptrends toward the resistance of $19K.
Bitcoin price continued its upside strides and climbed past the $18,000 value area. The leading cryptocurrency is gaining momentum, and upcoming sessions can see BTC challenging the resistance zone of $19K.
BTC Price Gains 5%
Bitcoin saw its price gaining pace following a session closing beyond the pivot mark of $17K to enter the positive region. The crypto accelerated its upsides beyond the obstacle of $17,250. Alternative tokens such as Ethereum flashed similar tendencies, recording notable price gains.
BTC price soared beyond the resistance level of $17.5K to kick-start a massive upsurge. Next, the bulls pumped the price beyond the hurdle of $18K. Meanwhile, the asset consolidates gains following a high formation near $18,367.
BTC price trades beyond $18K and the 100 1hr Simple Moving Average. Also, the hourly chart shows a bullish trend line forming with $17.4K support. Also, it’s well beyond the 23.6% Fibonacci retracement mark of the latest upswing from $17,308 to $18,367.
The immediate resistance to the upside stands at $18,350. Bitcoin will meet another massive resistance near $18.5K, beyond which we may anticipate continued upside price moves. In such a case, Bitcoin might climb toward $19.2K. Further push might take the bellwether crypto to the vital $20K region.
Potential Dips in Bitcoin?
Bitcoin price may attract declines if it fails to overpower the resistance of $18,350. That would lead to declines toward the closest support barrier, near $18,120. Meanwhile, continued downsides will see the leading crypto hitting $17.8K.
It’s close to the 50% Fibonacci retracement mark of the latest uptick from $17,308 to $18,367. Meantime, the primary support is developing around the $17.4K mark and a trend line. Losing this level would see prices retesting the $17K.
More into Bitcoin’s Optimism
El Salvador’s Legislative Assembly deputies passed the uncertain rule on Digital Assets Issuance this Wednesday. The law receives 62 winning votes. Meanwhile, the bill has been in the Salvadorian parliament since November 2022 and gained support from the Executive.
Digital assets are digital representations of assets electronically transferred and stored using the DRT (Distributed Record Technology) system. El Salvador confirmed that their idea is to create a legislative order that provides legal certainty to transact with any digital asset.
Nevertheless, the opposition lawmakers believe the restrictions streamline the chances of the current administration to evade taxes, accumulate more debt, and launder money. Continued BTC debates in the first nation to legalize crypto may mean positivity in the long run, supporting BTC’s surges.
