Bitcoin price analysis is slowly moving towards bullish bullish territory as the pair tries to overcome the $23,000 barrier. Altcoins are also in sync with the rising US stock market where the Federal Reserve’s decision has a positive impact. Traders make the best use of the “Buy the Slope” strategy. Smaller investors seem to have benefited the most from this improving market.
While many Bitcoin price analysis experts believe that we have not yet reached the bottom in Bitcoin. However, they are more concerned with the bigger picture, which will take time to clear. From a shorter view and technical analysis, the price appears to be in positive territory.
Bitcoin Price Analysis Last 24 Hours: Bitcoin Slowly Targets $24,000 Resistance
BTC/USD is going through a slow buying phase and low volatility. The rally could first touch $24,000 and then reach the $28,700 level. The possibility of a prolonged bear market is not yet fully over, but the hourly time frames are positive. The final capitulation of this bear market may bring the lowest price in case of heavy selling.
Bitcoin price analysis shows that the $22,630 price level has been successfully crossed and the 20-day EMA is comfortably below the price. Therefore, positive movement in the price channel brings the pair closer to the $23,000 level. Bulls have the upper hand near $23,900 as further buying could push the pair up quickly.
4-hour chart of Bitcoin/USD: The $24,000 resistance shows the next pair
As the bulls attempt to buy further, the pair needs to break above $24,668 to begin its upward journey. The ultimate short-term target for this rally will be near $28,000, where sellers will have the most resistance. Overwhelming technical indicators mean that bulls need to accumulate massive volume here to reach the psychological barrier of $30,000.
Against this assumption, the $24,000 resistance could spell doom for the pair if the bears intervene. Bears are near the 20-day EMA and may try to push the pair lower. The RSI is at 70 on the hourly charts and the MACD is not showing any clear crossovers. Bears need to push the pair below the $21,344 level to turn the stage bearish.
Bitcoin Price Analysis Conclusion: Bulls have the upper hand up to $24,600
The Bitcoin/USD pair is climbing higher as traders shrug off macro concerns. The uptrend line targets beyond the upper bounds of the descending triangle, which is a clear sign for higher levels. The bullish analysis of Bitcoin price does not show any unpredictable behavior and therefore it is completely under technical forecasts.
Bears may get an opportunity in the short-term, but this will only benefit day traders as the pair is well exposed to the upside. As the price of Bitcoin rises, more buyers are tempted to reap small profits, thus easily taking the price above $24,000.
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