- Bitcoin price analysis turns bullish on the short-term charts as price touches $36,100
- BTC/USD pair consolidates above $35,000 level in a bid to rise to $40K resistance
- Past failures to cross the $35k level weighs in heavily on the BTC bulls
In the past 24 hours, the price of Bitcoin has risen to cross $35,800 level and hover near $36,000. The pair are riding on a bullish sentiment powered by a relative surge in the volume data. Even though the consolidation is mostly sideways, the pair moves higher, gradually painting the charts with small green candlesticks.
The 55-day exponential moving average at $35k is helping the pair cross over to higher resistance levels. The recovery may touch the $37,200 level before the bears kick in and start selling. Also, profit booking can stall the current relief rally as per Bitcoin price analysis.
The drop in BTC hash rate is reaching epidemic levels due to the crackdown on Chinese miners. However, the news also has a silver lining since the hashrate is now distributed uniformly across the globe as the dominance of Chinese hackers wanes further. This phase can prove to be a true decentralization era in Bitcoin.
Bitcoin price movement in the last 24 hours: Minor relief rally may fizzle out
In the last 24 hours, the BTC/USD pair has risen from $33,700 to touch a high of $36,623. The price is now hovering around the upper Bollinger Band, but there are no signs of any breakout pattern. The pair is higher bound by the immediate breakout that the bulls seek may not happen according to Bitcoin price analysis. Instead, the price builds higher highs on the candlestick charts, ensuring that the relief rally maintains momentum.
The current rise shows that the past week has been an accumulation phase where large investors and traders may have HODLed BTC. As the pair is all set to close above the crucial $35,000 resistance, the pair is unlikely to shoot beyond $40,000 in a hurry.
PlanB, the famous crypto analyst known for predicting the $200K level for BTC, is sure that the current tumultuous phase will continue a little longer. However, he says that the long-term upward trend in BTC will remain valid.
BTC/USD 4-hour chart: Relief rally takes a break
After posting successive green candles on the charts, the present relief rally breaks near the $36,000 level. Bitcoin price analysis shows that the ascending price channel is facing resistance near the $36,200 zone, where the .786 Fibonacci retracement of the January highs holds the pair back.
The month-end pressure is also posing some resistance to the pair ahead. The downside beckons the bears, who are ready to start fresh selling round at the $36,800 level. The rising trendline may stall near $38k resistance as per Bitcoin price analysis.
The RSI remains at 62 on the hourly charts, which are favorable for the buyers. Other technical indicators are showing neutral readings. The MACD shows a positive crossover but only on the hourly charts. The daily charts are yet to respond to the higher price levels.
Bitcoin price analysis conclusion: Bulls rejuvenate $40k hopes
As the price crosses the key $35,000 hurdle and is set to close above this resistance, the hopes of a BTC rebound are all over the crypto sphere. The $35,700 also represents the 144-day exponential moving average, which will be tempting for the sellers to resume their downtrend. However, the sellers will have to face the accumulation undertaken by the bulls in the past two weeks and prevent any untoward decline.
All eyes are on the $40,000 level, setting the tone for the broader crypto market. The daily charts show a descending price channel that may not bode well now but certainly can rejuvenate the bullish sentiment. The Chinese crackdown will have its ripple effects on the Bitcoin price analysis, but today’s price rise has rekindled hopes of a positive turnaround in BTC price.
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