Bitcoin price analysis: Consolidation yet to yield results as $24k resistance strong

Bitcoin price analysis
TL;DR Breakdown

Bitcoin price analysis shows that bulls are unable to maintain gains

A swift move towards $24k is needed to complete the rally

Bears trying hard to go against consolidation near $22,800 level

Bitcoin price analysis is closely following the equity markets and has been trending steady near $23k support zone. The BTC/USD pair is unable to decisively cross the $24,000 barrier as traders are nervous about the sharp correction due to bearish pressure near the upper resistance of the rising trend channel. Equities may react to the Consumer Price Index data due to release later this week and crypto may follow suit as well.

btc cc
Source: Coin360

The consolidation trend reflects that the pair may move sideways in the coming few days and stay below the $24k barrier as per Bitcoin price analysis. Day traders are in a flux as no swift upper movement has emerged on the charts. The upper and lower Bollinger Bands are the key to booking small profits on the daily charts. Fears of another bear rally are ripe considering the elongated consolidation.

BTC ITB Widget Example

Bitcoin price movement in the last 24 hours: The $24k barrier seems invincible

Bitcoin price analysis is stagnating at $22,880 level which also happens to be the 20-day exponential moving average. The overhead resistance at $24,100 has proved too much for the BTC/USD pair for the ‘Nth’ time. The sloping 20-day EMA is posing threat to the day traders who will have to book small profits. The Relative Strength Index is displaying a positive sign for the bulls though.

btc 1d 09
Source: TradingView

The bulls would not jump in large number until the pair crosses the $24k barrier. As per Bitcoin price analysis, the rally can swiftly move towards $28,000 once the pair moves past the overhead resistance on the back of heavy volumes. No doubt the bears may try to stop the rally but the consolidation near $22,000 level is heavy and accumulation near those levels would help propel the bullish rally in the coming days.

BTC/USD 4-hour price chart: Consolidation remains the key near $22,800

The 100-day moving average near $26k is also posing a threat to the bulls. However, it can be termed as a short-term target where the supply zone can dwindle slightly on the hourly timeframe. The higher lows on the hourly charts is certainly a positive trait for the buyers as per Bitcoin price analysis. The upper boundary of the triangle pattern is yet to be broken on the daily charts though.

btc 4h 09
Source: TradingView

This is the fourth attempt by the bulls to clear the $24,000 region decisively. The RSI indicator is far from the overbought region of 70 level but the bias is certainly upwards. The overall sentiment is neutral to positive on the charts and there are far few bearish indicators when it comes to hourly timeframes.

Bitcoin price analysis conclusion: Bullish sentiment remains steadfast

Even though the BTC/USD pair is unable to sustain decisively above $24,000, the market is upbeat about the Bitcoin movement. The consolidation near $22,000 is giving wings to any bearish movement. The first hurdle towards $26k level is $23,850 level.

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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