Bitcoin price analysis: Bulls defend $24k as consolidation reigns supreme

Bitcoin price analysis
TL;DR Breakdown

Bitcoin price analysis shows consolidation mode still on

A rising wedge pattern may cause bulls to back-off and lose $23k support

Bears need to close the pair below $23,000 to turn the trend bearish

Bitcoin price analysis shows a consistent ‘higher highs’ being formed on the hourly charts which are a good sign for the overall positive health of the cryptocurrency. The rising price channel suggests that the pair is moving towards $25,000 eventually. The upswing is also expected to peak near $25k on the hourly timeframe. The bulls need to increase buying in order to break from the current resistance levels.

btc usd coin
Source: Coin360

As the volumes pick up, the pair is likely to see rise in the inherent strength of the bullish wave that began from $21,000. Overall, the Bitcoin price analysis shows that the pair is in a well-defined range and moving in a predictive fashion. The BTC price is facing rejection multiple times near $25,000 price range and that is putting increasing pressure on the bulls. However, repetitive knocks will definitely help lower the guard according to Bitcoin price analysis.

ITB Widget Example

Bitcoin price movement in the last 24 hours: BTC set to touch $26,800 in the next few days

The Bitcoin price analysis shows that the pair is consistently moving in a green zone as the major resistance near $25,000 is being challenged regularly. The sellers are not able to push the pair below $24,000 level and the support at $23,300 is holding well. The chances of a major pullback are significantly lower since the upswing and the rising price channel are holding well. The upper trendlines are crossed with good volume data and hence helping the pair sustain above $23,000 level comfortably as per Bitcoin price analysis.

1d 1
Source: TradingView

The 200-day moving average near the $23,450 level is the first level to watch out for in case the trend reverses. The RSI is showing strong signs of a sustained uptrend. On a daily basis, the BTC/USD pair is facing major resistance at $26,920 as the sellers have large positions built around there.

BTC/USD 4-hour chart: Rising price channel supports the BTC/USD at $24k

The rising wedge pattern is a bit of a concern for the bulls. The bearish signal can hurt the bullish prospects of the BTC/USD pair. The slow sideways movement of the pair can be attributed to the rising wedge pattern signal and the pair can break under the falling trend line. The support line at $23,560 can break and turn the momentum bearish. In such a scenario, the price can fall below the $21,300 long-term support zone.

btc usd 4h
Source: TradingView

The lower volumes in the week have not helped bulls pick up momentum in a big way. This trend is worrisome for the long-term price movement of the bulls. It also signifies that the large players are not participating in the bull rally. The bulls need to close above $24,900 in order to reach $26,900 in the coming days.

Bitcoin price analysis conclusion: Sideways movement with dimming volumes

The higher highs on the hourly charts are not a consolation as the pair trims gains near $24,000 level. The triple top pattern is also showing weakness in the bullish pattern. The heavy sell-off is a far-fetched possibility but still possible in case bulls do not defend $24k support zone.

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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