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Bitcoin Price Analysis: Bulls eye $25k as confidence rises in cryptocurrency market

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  Bitcoin

Bitcoin price analysis is bordering on bullish territory as buyers have kept the price above $22,100. Buyer confidence seems to have returned in the crypto market as most major coins are trading well above the support zone. Even the digital currency market cap is now back above the $1 trillion mark. So, is the bearish phase in the crypto market over?

coin 4
Source: Coin360

It is impossible to predict the end of the downward phase with a single increase in price action. However, according to Bitcoin price analysis, a sustained price move above the support zone at $21,000 is instilling confidence in the bulls. If the bulls can maintain their momentum despite the headwinds, they may move towards $25,000 in the near term.

Bitcoin price action in the last 24 hours: Bulls are back in business

Bitcoin price analysis shows that the BTC/USD pair remains close to the $20,900 area close to the 20-day EMA. Yesterday, BTC/USD moved decisively above the $22,000 area. By breaking the resistance zone in the symmetrical descending triangle. Such a move indicates a trend reversal in candlestick charts.

btcusd 1d
Source: TradingView

The “Relative Strength Index” indicator shows 55 readings on the hourly charts, reflecting an upward bias in price action. A shift into positive territory has encouraged buyers to buy BTC/USD and break the barrier at $23,000. A lot of volume flowing into the pair could quickly take the pair to $25,000 this week, provided there is no adverse news, according to Bitcoin Price Analysis.

BTC/USD 4-Hour Chart: Breakout of Descending Triangle Means End of Bearish Phase?

The current trust of buyers needs many confirmations before it is established. A descending triangle requires a suitable breakout with high volume for buyers to inject more money into the market. Momentum alone can push the pair above the $23,600 resistance zone. The hourly indicators show that the overhead resistance zone is strongly supporting the bears to trigger another move lower.

btc 4h
Source: TradingView

A consolidation price action near the $22,000 area will also help the upside. Ethereum is a good example of how a coin can break through a descending triangle pattern to hold above the resistance zone. The first resistance on the hourly charts is near $22,700.

Bitcoin Price Analysis: Day traders rejoice as BTC offers short-term gains

The current move is likely to set the stage for future upside moves. A directional adjustment will help the pair make a low on the charts, which in turn will indicate a bullish bias. The price can target the previous swing highs in the rising price channel. A combination of resistance and support zone movements can place the pair firmly in the bullish zone.

The short-term trading range appears to be between $21,000 and $24,000. EMA at $23,390 encourages bulls and promotes bears to set up short-term traders. Bitcoin price analysis shows that it is a trader’s delight day. Scalpers can also take advantage of the recent rally and can initially target $23,000.

disclaimer The information provided is not commercial advice. Ramzifa.ir is not responsible 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.