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Bitcoin price analysis: BTC rests near $24k as bulls consolidate for higher targets

bitcoin price analysis
TL;DR Breakdown

Bitcoin price analysis is currently positive heading into the weekend
BTC/USD is holding onto gains near $24,000
Bulls are consolidating current price levels to push prices higher next week

Bitcoin price analysis shows that BTC/USD pair is currently in consolidation mode near the fresh highs of $23,900. After rising more than 18 percent in the last 48 hours, the bulls have decided to take a breather. The extended rally has been hit by short-term profit taking by the day traders as volumes dip before the weekend.

btc usd coin 3
Source: Coin360

The Federal Reserve interest rate hike has pushed up most assets, including cryptocurrencies. The Bitcoin rose from $22,000 to touch $24,000 on the back of the global rally. So, will BTC/USD price rise even higher? Well, as the weekend chill sets in, the traders are looking to book profits and charts can witness muted price action. However, the Bitcoin price analysis is definitely in the green region.

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Bitcoin price movement in the last 24 hours: Sideways but not silent

As the entire crypto market rejoices the Federal Reserve rate hike, the Bitcoin charts are sparkling as well. Currently, the price is trading near $23,900 and most technical indicators are in the green zone. The 20-day Exponential Moving Average is well below the price and is providing support to the pair near $22,200. The Bitcoin price analysis further shows that the buyers are lining up near $22k support and below at $21,600. So, any sharp correction will be an opportunity to buy the dip.

btc usd 1d 3
Source: TradingView

The daily charts show a crossover of the moving averages. The movement into the positive region is also confirmed on daily charts with the rising RSI technical indicator which now stands above 60 level. The bullish crossover will be further confirmed if the pair closes the week above $23,000 mark.

If the bulls are able to drive the price beyond $24,276, the buyers can certainly target $25,900 first and then $28,000. The upward momentum is definitely intact in the rising price channel. If this trend continues, the Bitcoin price analysis reflects achieving $32,000 target.

BTC/USD 4-hour chart: BTC holds onto lofty targets

Bitcoin price analysis shows that the demand can surge quickly if the pair closes above $24,340. More buyers will emerge as the price breaks the symmetrical triangle and the price channel rises with sharp slope. If the support at $22,300 cracks, the bears will swiftly swing into action and weaken the current momentum.

btc usd 4h 29 1
Source: TradingView

Low buying volume is the only threat to the present uptrend. BTC bulls have previously faced rejections after such euphoric trends. Another threat to the rise is the correlation with the stocks and equities since the present rally can be attributed to the Federal Reserve interest rate hike. Sharp rise is also followed by selling and it remains to be seen whether the selling will be intense or muted.

Bitcoin price analysis conclusion: Price decline cannot be ruled out completely

The lower trading volume is a concern that is well reflected in the Bitcoin price analysis. The BTC/USD pair must hold onto $22,000 support. Any weakening upside momentum will be used by the bears to create large short positions which in turn will turn the positive technical indicators upside down.

Price correction isn’t currently on the mid of BTC bulls but ruling it out completely can cost them dear. Stop loss must not be below $22,000 support region. Day traders must watch $24,290 level before entering long positions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.
Gurpreet Thind

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.

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