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Bitcoin Price Analysis: Bitcoin Ready for Short Term as Bulls Hit $25K

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  Bitcoin

Bitcoin price analysis shows that the currency pair is preparing for its next events, which could be very bullish or bearish. As the BTC/USD pair reaches the $24,900 barrier, the bulls are cheering for higher levels and the bears are busy preparing for the next attack. The main cryptocurrency is ready for its next big move.

btc coin4
Source: Coin360

The BTC/USD pair is approaching the rejection zone and the psychological level of $25,000, where the bulls will face the final double-wing pattern. Buyers are certainly trying to sustain a move higher, and the 20-day EMA is putting pressure on the bulls. The expansion of Bollinger bands also indicates future volatility in this pair.

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Bitcoin price movement in the last 24 hours: two consecutive days of highs

Bitcoin price analysis shows that the pair has recorded a higher price pattern for two consecutive days. Currently, the pair is trading at $24,480 and is comfortably above the $24,000 mark, where a higher daily candle also supports the price. Declining volume data shows bulls losing momentum over the weekend.

btc 1d
Source: TradingView

As the dust settles from the weekend amid low liquidity, the upside may weaken, according to Bitcoin price analysis. The daily chart shows that there is a “cup and handle” pattern in the bullish territory that could lead to further gains in the pair. However, the journey ahead will require massive volume as the BTC/USD pair faces strong bear resistance near $25k. Bitcoin price analysis shows that the swing above $24,900 is complete and the bulls should strengthen their resolve to move higher.

Bitcoin/USD 4-Hour Chart: Will Double Up Pattern Lead to Pullback?

The emergence of a double top pattern in the BTC/USD pair is what worries the bulls. Low volatility over the weekend coupled with minimal volume could make things worse for the cryptocurrency king. An immediate price pullback from $24,900 could be due to the formation of this pattern. The pair fell towards the $24,350 support zone on the hourly charts.

btc 4h 1
Source: TradingView

Additional buying could take the pair to the $25,000 resistance zone, where it could face the same repulsion once again. The MACD indicator shows a bullish crossover and can cause a short-term buying spree. If challenged, the price could fall towards the 20-day moving average and even drop to the $23,700 level over the weekend.

Bitcoin Price Analysis Conclusion: The expansion pattern may point to higher prices

The upper border of the bearish flag pattern has been broken by the BTC/USD pair. Rejection of the limits above $25,000 indicates that the short-term outlook could turn bearish. The RSI oscillator shows a higher tick on the hourly charts. Such confluence of signals can mean divergence of price patterns according to Bitcoin price analysis.

An extreme case of price correction could take the Bitcoin/USD pair to the $21,000 support. However, given the higher upside on the hourly charts, it seems highly unlikely.

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.