Bitcoin price analysis is stagnating with price volatility near $23,100 after correcting from the day’s high near $23,900. The formation of the lowest level in the hourly charts also shows that the bulls are involved in the price action. Strong monthly gains help the pair head into the next month with renewed optimism.
So, is BTC down here? Well, Bitcoin price analysis has turned green but the long-term horizon is still unclear. A low near $18,000 is not visible, but any missteps by the bulls could cost them dearly. With earnings season in full swing on Wall Street, it remains to be seen whether the pair will go higher or lower.
Bitcoin price movement in the last 24 hours: Bitcoin stabilized near $23,000
The start of a new bullish phase on the BTC/USD charts requires clear technical indicators. Low volume data over the weekend suggests that large and institutional investors have yet to follow the bullish trend. BTC/USD bulls cannot confidently cross the $24K barrier and the price cannot close above the same price in the last two days.
The $22,500 price level points to bulls, as the 20-day EMA provides a lot of support for buyers. It can be a pivotal point for the uptrend next week. A short-term stop in the $22,550 range could restore the buying spree needed to push prices higher on the intraday timeframe, according to Bitcoin Price Analysis.
Bitcoin/USD 4-Hour Chart: Bulls are waiting for a lot of volume to start another buying spree
A resumption of buy action near the $23,000 area could quickly pick up speed and take the BTC/USD pair to $25,700. The price action is near the upper area of the inclined triangle pattern. The RSI breaks below 60 on the hourly charts and could support another rally. The 20-day moving average is a good focal point for day traders to start buying.
However, the bulls should strongly defend the $21,300 level to provide further support for a buying spree. The “super trendline” indicator shows a clear buy signal above the trendline. The SMA is trending upward and may trigger further buying near the supply zone at $21,900.
Bitcoin Price Analysis Conclusion: Consolidation is likely to lead to higher prices
It is clear that the current pattern is likely to lead to higher prices in the next few days provided that consolidation gives way to buying. However, prices have not yet clearly broken out of the macro downtrend. There is a possibility that prices will once again move towards $20,000 if this turns out to be a bull trap.
A resistance level to watch out for is $24,200, where bulls are likely to face intense pressure. According to Bitcoin price analysis, the upside should firmly close above $24,000 to gain more traction next week.
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