Bitcoin Price Analysis After weeks of digital currency hibernation, it is rising in the green zone. Financial markets are processing a 75 basis point interest rate hike by the US Federal Reserve. The crypto market also seems to be reacting well to the expected rate hike as BTC/USD has crossed $23K in a global rally. Positive sentiment is reverberating throughout the crypto ecosystem as most coins and tokens rise above their resistance points.
BTC/USD is currently trading above $23,900 and heading towards psychological resistance at $25,000. A less aggressive rate hike will only help financial markets as it tames inflation and also tames concerns. So, is the BTC/USD winter over and is Bitcoin poised for its next bull run?
Bitcoin price movement in the last 24 hours: Bitcoin hits $25,000
Analysts may disagree on the bull bear argument, but the current price of Bitcoin is rising rapidly. According to Bitcoin price analysis, the current levels are inspiring for bulls to take long positions as technical indicators all point towards further gains. Day traders may book profits which can push prices down slightly but create more favorable entry positions.
The 20-day EMA has been safely broken in the current rally as prices have crossed the $21,378 mark. According to Bitcoin price analysis, the symmetrical triangle pattern has broken and the bulls are in control on the hourly charts. The bullish channel is also reflected on the daily charts as the pair broke through the central Bollinger Band and broke above the $24,000 level.
As suggested by the rising RSI on the daily time frame, the bounding range pattern has been sufficiently broken. Resistance is near $24,300 and support is at $22,800. If the pair breaks above $24,500, the bulls are likely to enter massive volume to cross the $25,000 level for a new bullish move, according to Bitcoin Price Analysis.
Bitcoin/USD 4-Hour Price Chart: Bulls are firmly in the driving seat
The bull trap phenomenon is not exposed because buyers have full control over the hourly charts. Bitcoin price analysis shows that bulls moved modestly towards $22,800 but buyers quickly pushed the price above $23,000. There may also be profit booking near the lows. The price movement is not strongly upward, but it is not limited either, as all technical indicators are in the green zone.
According to the momentum oscillator, a bearish buying opportunity may swing near $23,000. The RSI has crossed the 70 mark on the hourly charts, which will surely inspire more buyers. MACD indicator shows a successful crossing. Thus, the bullish rally remains intact so far and if buyers can close the day above $24,000, institutional investors and whales may also move in.
Bitcoin Price Analysis Conclusion: Is Bitcoin Ready to Shock the Bears?
The price of BTC/USD has increased by 18% in the last three days, which is a relief for the cryptocurrency world. The cryptocurrency king is now targeting $25,000. The uptrend could be challenging for the bulls as short sellers await the psychological level of $25,000.
If a bullish scenario is considered, Bitcoin could jump towards $30,000 as most of the technical indicators on the daily charts are not yet too green. Bitcoin price analysis is known to be very irrational and the current trend could soon rise to the same area.
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