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Bitcoin’s price rallied over 7% in the last 24 hours, briefly trading above $25,000 and touching a six-month high of $25,262 before settling back down near the $24,000 mark. This was the first time the digital currency has reached this level since August 2022. Will Bitcoin’s price continue the upward trend or is the rally over for now?
$25,000 #Bitcoin pic.twitter.com/mpCCe88gTh
— Bitcoin Magazine (@BitcoinMagazine) February 16, 2023
The rally, which seems to have stalled for now, came after Bitcoin’s price plunged by 40% amid the crypto market FTX contagion that drove investors away from the market. Bitcoin and other digital assets then rebounded from oversold positions in January, adding to the rising confidence in Bitcoin and the broader cryptocurrency market.
The Bitcoin price been trading below $22,000 just a few days ago after a regulatory crackdown on stablecoins. Investor confidence increased today, however, at least temporarily, as regulatory concerns seemed to wane.
Bitcoin Price Prediction and Technical Analysis
Bitcoin’s price is now hovering around break even in the last 24 hours after the initial surge and is trading at $24,066 as of writing. As the broader crypto market continues to hover above a $1 trillion market cap, bullish investors are eyeing the immediate BTC resistance at $28,000, and hoping for support at $24,000.
The Moving Average Convergence Divergence (MACD) histogram suggest a continued bullish market for Bitcoin. However, it’s wise to remain cautious due to the overbought market indicated by the RSI of 71.22. This suggests that there could be a potential correction in the near future.
The MACD histogram is showing positive momentum, with a significant increase from the previous day. The previous day’s MACD histogram was -132.12, while the current day is 20.19 suggesting BTC is gaining momentum.
The 20-day exponential moving average (EMA) is currently at $24,651, while the 50-day EMA is at $21,347, and the 100-day EMA is at $20,346. With the price trading above all the significant EMAs, this suggests that the short to long-term trend is bullish and that Bitcoin’s price is likely to continue gaining momentum.
The volume for the last 24 hours stands at 29.551k, with the previous day’s volume at 32.068k. The volume moving average is at 19.753k, which indicates a higher-than-average trading volume for BTC.
Overall, technical indicators suggest that BTC is in a bullish market. The positive momentum indicated by the MACD histogram and the short-term EMA being above the long-term EMA is a positive signs for investors.
However, the overbought market indicated by the RSI suggests that investors should be cautious and monitor the market and Bitcoin’s price closely. The immediate resistance for Bitcoin’s price is the range between $28,000 to $28,500 and potential support may be found at $24,000.
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Source: https://insidebitcoins.com/news/bitcoin-price-reaches-six-month-high-is-june-imbalance-of-25600-in-sight