Bitcoin price analysis shows that the pair is moving in a sideways movement with a bearish bias. Continued “lower lows” mean that the pair is unable to break through the $24,000 resistance. Consecutive failures to break above the resistance zone mean that the pair has been under bearish pressure for the past few hours.
According to Bitcoin price analysis, the reversal potential is high. The 20-day moving average is close to the current price of $23,400, and the upper Bollinger band is pushing the price lower. The band above $24,000 keeps the price below $23,600 and is also close to the 20-day moving average where bears can expect to sell the pair if bulls fail to defend a move higher.
Bitcoin Price Movement in the Last 24 Hours: Entry Point for a Bull Rally or Another Flash Point?
Current Bitcoin price analysis shows that the pair is unable to break through the $24,000 barrier. The bulls have not established any long positions and the upper range remains well below $24,000. The possibility of a price reversal means that the pair could move sideways in the next few days. Volume data is not encouraging for a bullish scenario.
Most buyers are slowly exiting their positions as the BTC/USD pair is slowly sliding towards the lower support zone at $23,000. As reflected in the RSI data, the pair is nowhere near the overbought range. The daily charts show a bullish channel that is not affected by the current downturn. The triple wedge pattern does not yet threaten the lower boundary of the Bollinger Band.
BTC/USD 4-hour price chart: Battle between bulls and bears
Whether the current consolidation can be called a bullish bias remains unanswered. The pair is trying to establish a direction as neither the bears nor the bulls are participating in large numbers. Bitcoin price analysis is in balance as technical indicators are also slowly neutralizing. The RSI remains close to the 60 level and the MACD indicator shows lines converging towards the middle.
Lower highs on the charts are another concern for buyers. Buy orders could appear near the 20-day moving average, which is close to the $23,000 price level. This is also an area where the bulls are likely to return to defend the lower support zone.
Bitcoin Price Analysis Conclusion: Bitcoin remains stable in neutral territory
Correlations with stock markets have been declining over the past few sessions. The BTC/USD pair remains stuck in the quagmire as global stock markets rise. Bitcoin price analysis shows no clear direction, complicating things for the bulls and bears both.
Any large order or adverse move in either direction seems unlikely. The pair remains within the Bollinger Bands range and day traders can trade on small margins.
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