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Bulls eye $25k as confidence roars in the crypto market

Simon Romanov

- Bitcoin price analysis shows firm move above $22,000 - BTC/USD pair targets $23,900 resistance zone next - Bulls need massive volumes to take the pair above $25,000

It is impossible to predict the end of the bear phase with a singular rise in the price action. However, sustained price moves above the support zone at $21,000 does inspire confidence among the bulls as per Bitcoin price analysis.  If the bulls are able to maintain momentum despite headwinds, there may be a move towards $25,000 in the short term.

Breakout from descending triangle means end of bearish phase?

The current confidence in the buyers needs a lot of confirmations before establishing itself. The descending triangle requires a decent breakout with large volumes for the buyers to pump in more money into the market.  Only momentum can take the pair above $23,600 resistance zone. The hourly indicators show that overhead resistance zone is aggressively backing bears to establish another move lower.

Day traders rejoice as BTC delivers short-term gains

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The current move will likely create a base for the upcoming bullish moves. The directional setup will help the pair make higher lows on the charts which in turn will signal bullish bias.  The price can target earlier swing highs on the rising price channel. A mix of resistance and support zone moves can place the pair firmly in the bullish zone.

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Bitcoin Price Today The live Bitcoin price today is $22,219.75 USD with a 24-hour trading volume of $46,510,817,328 USD.  What’s in store for the crypto market?

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