Bitcoin price analysis shows that the Bitcoin/USD pair is currently in a consolidation mode and is close to the all-time high of $23,900. After gaining more than 18% in the last 48 hours, the bulls have decided to take a breather. This long-term rally has been overshadowed by short-term gains by day traders as trading volume has waned ahead of the weekend.
The increase in interest rates by the Federal Reserve has led to a further increase in assets, including digital currencies. Bitcoin rose from $22,000 to $24,000 on the back of a global rally. So, will the price of BTC/USD go even higher? Well, as the cold weekend approaches, traders will be looking to book profits and the charts could see prices drop. However, Bitcoin price analysis is definitely in the green zone.
Bitcoin price movement in the last 24 hours: One-way but not silent
As the entire crypto market rejoices over the Fed’s rate hike, Bitcoin’s charts are glowing. Currently, the price is trading near $23,900 and most of the technical indicators are in the green zone. The 20-day EMA is well below the price and supports the pair near $22,200. Further Bitcoin price analysis shows buyers lining up near $22,000 and below $21,600. Therefore, any sharp correction will be an opportunity to buy the dip.
Daily charts show the intersection of moving averages. The move to the positive zone is also confirmed on the daily charts with an increase in the RSI technical indicator, which is now above the 60 level. If the pair closes the week above $23,000, the bullish crossover will be further confirmed.
If the bulls can push the price beyond $24,276, buyers can certainly target $25,900 first and then $28,000. The bullish momentum is definitely intact in the bullish channel. If this trend continues, Bitcoin price analysis indicates reaching the $32,000 target.
Bitcoin/USD 4-Hour Chart: Bitcoin Holding on to High Targets
Bitcoin price analysis suggests that demand could increase quickly if the pair closes above $24,340. As the price breaks the symmetrical triangle and the price channel increases with a sharp slope, more buyers will appear. If the $22,300 support breaks, the bears will move in quickly and undermine the current momentum.
Low buying volume is the only threat to the current uptrend. BTC bulls have already faced rejection after such euphoric trends. Another threat to the upside is the correlation with stocks and shares as the current surge can be attributed to the Fed’s interest rate hike. A strong increase also leads to sales, and it should be seen whether this sale will be strong or muted.
Conclusion of Bitcoin Price Analysis: A price decline cannot be completely ruled out
Low transaction volume is a concern that is well reflected in Bitcoin price analysis. The BTC/USD pair should find support at $22,000. Any weakened uptrend is used by bears to create large short positions, which in turn reverse positive technical indicators.
A price correction is not currently in the middle of Bitcoin bulls, but its complete elimination could prove costly for them. The stop loss should not be below the $22,000 support zone. Day traders should watch the $24,290 level before entering long positions.
Disclaimer. The information provided is not trading advice. Ramzifa.ir holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.