– Bitcoin price analysis displays renewed confidence in the bull – BTC/USD touches $24,000 and is currently trading at $22,885 – Day traders book profits and wait for re-entry point
The brief sojourn above $24k has put smiles on the bull’s faces as they prepare to enter long-term positions targeting the $26,000 mark. However, bullish traders must not remove safety stops in anticipation of a guaranteed higher-up move.
Bitcoin price analysis shows that BTC/USD has upside potential. Going against the current uptrend can prove the bear’s portfolio wrong, as short-selling is just not right at the moment.
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, Wall Street's strong stock performance supports the higher BTC price.
The Relative Strength Index is comfortably above 60, and there are no sell signals. The MACD indicator also does not display 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.
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.
Other altcoins also display renewed zeal to go higher as the week is into bullish momentum. Even the macro front is not showing any overtly negative news.
After weeks of weakness and indecision, Bitcoin traders enjoy 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. The next BTC/USD chart levels are $23,650 and then at the $25,000 psychological mark.