Bitcoin price analysis: Bulls target $24k as positive sentiment sweeps BTC/USD


Bitcoin price analysis displays renewed confidence of the bulls
BTC/USD touches $24,000 and is currently trading at $22,885
Day traders book profits and wait for re-entry points

Bitcoin price analysis shows multiple bullish targets being met after touching $24,000 briefly. The BTC/USD slope has turned bullish on the hourly charts and continues to climb. The brief sojourn above $24k has put smiles on the bull’s faces as they prepare to enter long-term positions targeting $26,000 mark. However, bullish traders must not remove safety stops in anticipation of guaranteed higher up move.

Source: Coin360

Surely, Bitcoin price analysis shows that BTC/USD has upside potential. Going against the current uptrend can prove wrong to the bear’s portfolio as short-selling is just not right at the moment. Other altcoins are also displaying renewed zeal to go higher as the week is into bullish momentum. Even the macro front is not showing any overtly negative news.

Bitcoin price movement in the last 24 hours: Bullish sentiment rises on daily charts

Bitcoin price analysis displays a strong uptrend as the higher lows have translated into more robust gains on the charts. The bullish momentum of the past week has brought the price between $22,500 to $23,800. The sharp breakout is not much reflected on the daily charts and is only a minor blip. However, strong stock performance on the Wall Street is supporting the BTC price higher.

btc usd 1d 1
Source: TradingView

So, is the current uptrend worthy of pursuing lofty targets? Certainly not. Going all in on the current trend can cost traders dearly. Daily Bitcoin chart analysis shows that there is major resistance at $25,000 and then at $26,900. Bears will try to reverse any major uptrend emerging here. The triangle pattern is showing signs of reversal on the hourly chart as the slope increases gradually.

The previous bullish setup is now validated after the current rally towards $24,000 as per Bitcoin price analysis. Retail traders are yet to take full advantage of the trend. The market is proving to be beneficial for the day traders as the trend emerges on the hourly charts.

BTC/USD 4-hour chart: A field day for Bitcoin day traders

The current Bitcoin price analysis points towards the first bullish target at $23,900. The Relative Strength Index is comfortably above 60 and there are no sell signals. The MACD indicator is also not displaying any sign of a reversal or cross-over. The current uptrend is safe on the hourly charts and the market structure is nowhere near negative.

btc usd 4h 5
Source: TradingView

Traders can target $26,500 as the next target on the daily charts. Those already in the trade should setup their stop losses and book decent profit. On the contrary, the traders must look for any breach of the $22,000 level where the current bullish trend would get invalidated. If this level is breached, the bears will be in charge again.

Bitcoin price analysis: BTC/USD displays strong confidence after many weeks

After weeks of weakness and indecision, Bitcoin traders are enjoying a field day. The price of Bitcoin is at $22,900 and there is ample support near $22k. Bears must take suitable measures if they wish to take the price below $20,500 again. The technical indicators are on the bullish side though. Next levels on the BTC/USD charts are $23,650, and then at $25,000 psychological mark.

Disclaimer. The information provided is not trading advice. 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.

Share link:

Gurpreet Thind

Written by Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.