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Bitcoin Looking For Direction, Will $24K Finally Drop? (BTC Price Analysis) – Crypto News Current

                                                            Der Bitcoin-Kurs hat sich in den letzten Monaten nach einem rasanten Absturz von der $30K-Marke zwischen der $20K- und $24K-Marke konsolidiert. Der Unterstützungsbereich zwischen $17K und $20K hat sich gut gehalten und die Cryptowährung mehrfach in Richtung des $24K-Widerstands getrieben, konnte diesen aber bisher nicht überwinden.

This is what awaits you in this article

Technical Analysis

from: Edris

The daily chart

Currently, price action suggests that bitcoin could finally break to the upside from this significant level, which could pave the way for a rally towards the $30K supply zone. The 100-day moving average is currently at $26,000 and is likely to become some Resistance represent. Conversely, in the event of a bearish move, the 50-day moving average, which currently stands at $21,000, will likely serve as support.
Bitcoin Looking For Direction, Will $24K Finally Drop?  (BTC Price Analysis) – Crypto News Current, Crypto Trading News TradingView

The 4 hour chart

On the 4-hour chart, the price continues to attempt to push the bearish flag pattern higher after being rejected down for the third time. However, a minor bullish flag pattern appears to be forming, which the price is currently clearing. Flags are continuation patterns and a bullish breakout of the bullish flag could initiate further recovery towards the larger pattern’s higher trendline.

The price may break above this line. Furthermore, the RSI indicator is still oscillating around the 50% mark. This suggests that neither the bears nor the bulls are in control and momentum is in an equilibrium state. The outlook will likely change after the weekend.
Bitcoin Looking For Direction, Will $24K Finally Drop?  (BTC Price Analysis) – Crypto News Current, Crypto Trading News TradingView

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onchain analysis

Of shayan
Bitcoin Looking For Direction, Will $24K Finally Drop?  (BTC Price Analysis) – Crypto News Current, Crypto Trading News CryptoQuant
The market seems to be looking for direction, but the big players are standing still. Following last week’s Powell speech and the Fed’s decision to raise interest rates, bitcoin price surged above its “Realized Price,” a key threshold for the price to maintain.

Consequently, to break above the Realized Price level again requires greater volume and tremendous selling pressure. The MVRV indicator makes it easier to track bitcoin price relative to its realized value. It shows how the cryptocurrency has shot up from the undervalued zone over the past week. However, despite the rapid rise from the indicated area, the 365-day moving average still shows room for another significant shock based on previous cycles.

Therefore, before the big bull market, further downside is likely given the current market confusion and uncertainty as well as the current recession in the global economy.

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Source: Crypto News Deutsch

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