Bitcoins Fate: Bullish or Bearish to $24k?

Bitcoins Fate: Bullish or Bearish to $24k?

Read about the potential of Bitcoin’s price to drop to $24,000 and the importance of a clear breakout from the current range before traders position their funds in the market.

Even after spending two weeks in deep consolidation, the Bitcoin (BTC) price shows no intentions of reclaiming the higher grounds. Consequently, the sideways tendency continues  and restricts the Bitcoin price spread betwixt $27500 and $26000 levels. The aforementioned range can be considered as a no-trading zone and this is why, interested traders must wait for a clear breakout before positioning their funds in the market.

Bitcoin  Price Daily Chart

  • A potential breakout from the range barrier will determine the near future tendency for BTC 
  • An ascending trendline drives the longstanding rally for cryptocurrency holders.
  • The intraday volume of trading in Bitcoin (BTC) is $14.1 Billion, indicating an 8 percent loss.
Bitcoin Price Analysis: Double Bottom Formation Points Towards $28000 Rally

In the daily time frame chart, the Bitcoin (BTC) price shows a long lower price rejection candle at the range support of $26000. This reversal sign signifies the buyers continue to defend bottom support and may continue to a consolidation phase for a longer period.

Anyhow, the short-term tendency in Bitcoin (BTC) price is still bearish, and this is why, a downside potential looks more promising to predict. A daily candle closing below $26000 will accelerate the selling pressure to drive a longer correction.

Nonetheless, a potential downfall would face immediate support at $25000 aligned with the 200-day EMA. In a pessimistic scenario, a breakdown below $25000, will plunge the Bitcoin price to the combined support of $24000 and a growing support trendline.

Will Bitcoin (BTC) Price Dive to $24000?

A Bearish breakdown below the range support of $26000 will signal the resumption of the prevailing correction phase. Ending the two weeks’ consolidation on the bears’ side will trigger a whole lot of downfall to $24000. The key level of support that could undermine this potential downfall is $25000.

  • Bollinger Band: The midline of the BB indicator acts as a dynamic resistance against growing Bitcoin prices.
  • Vortex indicator: The VI- slope(orange) moving over the VI+ slope reflects the bearish tendency remains intact.
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