Bitcoin price analysis follows the stock markets closely and has been trending steadily near the $23,000 support zone. The BTC/USD pair cannot decisively break through the $24,000 barrier as traders fear a sharp correction from bearish pressure near the upper resistance of the uptrend channel. Stocks may react to consumer price index data released later this week, and crypto may follow suit.
The consolidation process shows that this currency pair may move in a direction in the next few days and according to the Bitcoin price analysis, it will remain below the $24,000 barrier. Day traders are swinging as no quick upward movement has appeared on the charts. Upper and lower Bollinger bands are the key to booking small profits on daily charts. Due to the long-term stabilization, the fear of another bear rally has arrived.
Bitcoin price movement in the last 24 hours: The $24,000 barrier looks unbreakable
Bitcoin price analysis is stagnant at $22,880, which happens to be the 20-day moving average. Overhead resistance at $24,100 for the BTC/USD pair is too high for “N” load. The 20-day exponential moving slope is a threat to day traders who have to book small profits. However, the relative strength index for bulls shows a positive sign.
Bulls won’t jump much until the pair crosses the $24K barrier. According to Bitcoin price analysis, once the pair breaks overhead resistance on the back of heavy volumes, the rally could quickly move towards $28,000. Undoubtedly, the bears may try to stop the rally, but consolidation near the $22,000 level is heavy, and a rally near these levels could support the upside in the coming days.
Bitcoin/USD 4-hour price chart: Key consolidation near $22,800
The 100-day moving average near $26,000 is also a threat to the bulls. However, it can be termed as a short-term target where the supply area can decrease slightly in the hourly time frame. A higher low on the hourly charts is certainly a positive for buyers, according to Bitcoin Price Analysis. The upper border of the triangle pattern has not yet been broken on the daily charts.
This is the fourth attempt by the bulls to decisively clear the $24,000 area. The RSI indicator is well away from the 70 overbought zone, but the bias is certainly to the upside. Overall sentiment on the charts is neutral to positive, with very few bearish indicators on the hourly time frames.
Bitcoin Price Analysis Conclusion: Bullish sentiments remain intact
Although the BTC/USD pair cannot sustain decisively above $24,000, the market is bullish on Bitcoin’s move. A consolidation near $22,000 will give wings to any downside move. The first hurdle to reach the $26,000 level is the $23,850 level.
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