Bitcoin price analysis is stuck near the $23,000 support zone as the pair struggles to overcome major resistance. The upside momentum is slowing down, and the BTC bulls look increasingly exhausted.
The BTC/USD pair cannot post a major green candlestick to infuse the buyer’s interest. The inability to sustain the pair above the $23,500 level shows that the current rally may be invalidated with a deeper push downwards.
Even though the rising price channel is intact, the stagnation can cost the bulls dear. The higher lows printed on the hourly charts are getting nullified by the sideways price movement on the daily charts.
The positivity near the lower levels around $23,000 is still there but whether it will last or not depends on the volume. The buyer’s participation would push the price towards the $24,000 level and face short-term resistance near the $24k level.
Bitcoin price analysis shows that a decisive bullish move towards the $24,200 level can even push the BTC/USD pair towards the $25,600 level at the beginning of the next week. On the flip side, the bears won’t give the pair much leeway either. According to Bitcoin price analysis, a short rally can take the pair towards the $22,600 mark and even drift lower towards $22,000 in a swift selling spree.
Bitcoin price action will turn bullish only after it crosses the $23,650 level with decent volume. As the next week approaches, the pair will gain strength on the back of a possible ‘Flag-Pole’ pattern emerging on the hourly charts. The bullish indicator would mean that the neckline pattern on the descending triangle will break on longer time frame charts as per Bitcoin price analysis.
Please take these price predictions as suggestions of some market experts/analysts. Prediction with tools may not turn out perfect due to the unpredictability of certain factors such as public sentiment and market conditions.