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Bitcoin Price Analysis: Bulls defend $24k as consolidation rules

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  Bitcoin

Bitcoin price analysis shows a consistent “higher” forming on the hourly charts, which bodes well for the overall positive health of the cryptocurrency. The rising price channel indicates that the pair will eventually move towards $25,000. Also, the upward trend is expected to reach $25,000 in the hourly period. Bulls should increase their buying to break out of current resistance levels.

btc coin usd
Source: Coin360

With increased volume, the pair is likely to see an increase in the inherent strength of the bullish wave that started at $21,000. Overall, Bitcoin price analysis shows that the pair is in a well-defined range and is moving in a predictable fashion. Bitcoin price has bounced back several times near the $25,000 price range, putting increasing pressure on the bulls. However, frequent strikes definitely help lower the guard according to Bitcoin Price Analysis.

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Bitcoin price movement in the last 24 hours: Bitcoin will reach $26,800 in the next few days

Bitcoin price analysis shows that the pair is continuously moving in a green zone as the main resistance near $25,000 is regularly challenged. Sellers are unable to push the pair below the $24,000 level and the $23,300 support is holding well. Since the uptrend and the rising price channel are well maintained, the chances of a major pullback are significantly lower. Uptrend lines are intersecting with good volume data, hence helping the pair stay comfortably above the $23,000 level based on Bitcoin price analysis.

1d 1
Source: TradingView

The 200-day moving average near the $23,450 level is the first level to watch for in case of a reversal. The RSI is showing strong signs of a sustained uptrend. On a daily basis, the BTC/USD pair faces major resistance at $26,920 as sellers hold large positions around them.

Bitcoin/USD 4-hour chart: The bullish channel supports Bitcoin/USD at $24,000.

A slightly rising wedge pattern is a concern for bulls. A bearish signal could damage the bullish outlook of the BTC/USD pair. The slow sideways movement of the pair can be attributed to the rising wedge pattern signal and the pair can break below the downtrend line. The $23,560 support line could be broken and reverse the bearish momentum. In such a scenario, the price could fall below the long-term support area of ​​$21,300.

btc usd 4h
Source: TradingView

The lower volume for the week hasn’t helped the bulls make a big move. This trend is worrying for the long-term movement of cattle prices. It also shows that the big players are not participating in the bull rally. Bulls should close above $24,900 to reach $26,900 in the coming days.

Bitcoin price analysis conclusion: sideways movement with low volume

The highs on the hourly charts are not comforting as the pair trims closer to the $24,000 level. The triple top pattern also shows weakness in the ascending pattern. A possible heavy sell-off is unlikely, but is still possible if the bulls fail to defend the $24,000 support zone.

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.