منو سایت

  • خانه
  • Bitcoin
  • Bitcoin Price Analysis: Tug of War Between Bulls and Bears Keeps Bitcoin Below $24K

Bitcoin Price Analysis: Tug of War Between Bulls and Bears Keeps Bitcoin Below $24K

 تاریخ انتشار :
/
  Bitcoin

Bitcoin price analysis is stuck near the $23,000 support area as the pair struggles to overcome major resistance ahead. The upside is slowing and the BTC bulls are looking increasingly tired. However, they are doing well to keep the pair above the $23k support in anticipation of higher levels. The underlying bullish wave is still alive in major cryptocurrencies.

btc coin
Source: Coin360

As of press time, BTC/USD is trading at $23,100 with a neutral bias. The trading volume is stable and the technical indicators do not show any adverse movement to the parties. Price action can be called weak, which has been the trend for the entire weekend. An uptrend still points to the bulls.

ITB widget example

window.itb_widget=window.itb_widget||{init:t=>{const e=document.createElement(“script”);e.async=!0,e.type=”text/javascript”,e.src=” https://app.intotheblock.com/widget.js”,e.onload=function(){window.itbWidgetInit

Bitcoin price movement in the last 24 hours: The weekend is weak for the BTC/USD pair

The BTC/USD pair is unable to send a large green candlestick to induce buyer interest. The inability of the pair to hold above the $23,500 level suggests that the current rally may be nullified by a deeper downward push. Even if the bullish channel is intact, a downturn can be costly for bulls. The lows printed on the hourly charts are canceled by the sideways movement of the price on the daily charts.

btc usd 4h 071
Source: TradingView

After hitting a high of $23,197, the price bounced back as bullish momentum faded in some technical indicators. The short-term pullback may not bode well for day traders as the pair could drop as low as $22,700 on an hourly basis, according to Bitcoin Price Analysis. Bulls should close the day with a large green candlestick to ensure that the corrective pullback does not carry over into next week’s charts. The 50% Fibonacci retracement suggests that the pair may move towards the $22,700 level in the absence of a major pullback.

Bitcoin/USD 4-hour chart: Lack of positive supply as day traders profit

The positivity near the lower levels around $23,000 is still there, but whether it lasts or not depends on volume. Buyer participation pushes the price to the $24,000 level and faces short-term resistance near the $24,000 level. Bitcoin price analysis suggests that a decisive upward move towards the $24,200 level could even push the Bitcoin/USD pair to the $25,600 level at the beginning of next week.

btc usd 4h 07
Source: TradingView

On the other hand, the bears don’t give this pair much leeway either. According to Bitcoin price analysis, a short rally could take the pair to $22,600 and even lower to $22,000. The RSI remains comfortably above the 50 level and the MACD indicator has a bullish bias. Therefore, there are still buying opportunities in the current market.

Conclusion of Bitcoin Price Analysis: Bullish breakout requires decisive buying with high volume

Bitcoin price action will be bullish only after crossing the $23,650 level with adequate volume. As we approach next week, the pair is gaining strength on the back of a possible “flag pole” pattern emerging on the hourly charts. A bullish indicator means that the collar pattern in the descending triangle is broken on longer time frame charts based on Bitcoin price analysis.

With good volume data, the BTC/USD pair could quickly move towards $24,250. Bullish day traders should maintain a suitable stop loss close to $23,000 to ensure profits.

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.