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12 Sep 2022
Bitcoin breaking out from its narrow range - $25k next?
Bitcoin just broke out of the narrow range it has been trading in for several weeks and is now attempting to break the $22.5k resistance.
Bitcoin is currently trading just below an important resistance level at $22.5k, which served as support in August and local tops in June and July.If bitcoin manages to power through $22.5k, the next resistance level is in the $25k area. This area has proved to be a strong resistance for bitcoin on multiple occasions lately, marking the local peak during this bear market.Source: Tradingview (Coinbase)Above $25k the horizon is open until $30k, which is both an important psychological level and served as a vital support level for bitcoin in May and June.Towards the downside, bitcoin has strong support in the range between $19.5k and $20.k.Further downwards, an extremely important support level is at $17.5k, which has marked the bottom of this bear market.