Bitcoin price analysis is slowly inching towards bullish rally region as the pair tries to overcome $23,000 barrier. The altcoins are also in sync with the rising US equity market where the Fed’s decision is making a positive impact. Traders are making the most of ‘buying the dip’ strategy. Smaller investors seem to have made the most out of this recovering market.
While many Bitcoin price analysis experts believe that there isn’t a bottom achieved yet in the BTC. However, they are more concerned about the macro picture which will take time to clear. From a shorter perspective and technical analysis, the price does seem to bathe in positive territory.
Bitcoin price analysis in the last 24 hours: BTC slowly targets $24,000 resistance
The BTC/USD is undergoing a phase of slow buying and low volatility. The rally can touch $24,000 first and then move towards $28,700 level. The possibility of a prolonged bear market is not yet fully over but the hourly timeframes are displaying positivity. Final capitulation of this bear market may bring in fresh bottoms in case of extreme selling.
The Bitcoin price analysis is showing that the $22,630 price level has been crossed successfully and the 20-day exponential moving average is comfortably below the price. Thus, the positive movement in the price channel is pushing the pair near $23,000 level. The bulls have an edge near $23,900 as more buying can soar up the pair real quick.
BTC
BTC/USD 4-hour chart: $24,000 resistance beckons the pair next
As the bulls attempt more buying, the pair will have to cross $24,668 in order to start its upward journey. The ultimate short-term target of this rally will be close to $28,000 where the sellers will put up most resistance. The overstretched technical indicators would mean that the bulls will have to muster massive volumes here to reach $30,000 psychological barrier.
Contrary to this assumption, if the bears swing into action, the resistance at $24,000 can spell doom for the pair. The bears are near the 20-day EMA and may try to sink the pair towards lower levels. The RSI is at 70 mark on the hourly charts and the MACD is not displaying any sharp cross over. The bears will have to bring the pair below $21,344 level in order to turn the scene bearish.
Bitcoin price analysis conclusion: Bulls have the upper hand till $24,600
The BTC/USD pair is surging to higher levels as traders brush off macro concerns. The rising trend line is targeting beyond the upper limits of the bearish triangle signalling a clear intent for higher levels. The bullish Bitcoin price analysis is not displaying any unpredictable behaviour, and is therefore fully under technical predictions.
Bears may get an opportunity in the short-term but that would only benefit day traders as the pair is well under bullish influence. As the BTC price ascends, more buyers will be enticed to reap in small profits, therefore, taking the price above $24,000 comfortably.
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.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2022-08-04/