Bitcoin Breaks $22,000; Is It Time to Accumulate?
Bitcoin price analysis remains bullish on the day. Prices have traded in the green for the past few hours. However, the bulls took a breather near higher levels. In the previous session, the price zoomed in to see the basis for the gains to expand. A continuation of the upward momentum requires more buying participation. BTC/USD is trading at $22,328.
Bitcoin price is consolidating near higher levels, awaiting more bullish confirmation.
A decisive close above $22,500 would strengthen the upside outlook.
This downside risk remains limited, but key support lies around $21,500.
The broader crypto market was no surprise, and the gains earlier this week were no exception. Bullish sentiment prevails and the cryptocurrency appears to be a few days away from lower lows. However, a major price move in the changing macro picture could change the view on the technical side.
Bitcoin price turns north
Bitcoin price analysis hints at a continuation of the current uptrend. The bulls managed to break above the key $22,000 mark amid continued buying pressure. Since September 9, when prices surged 10% in a single day, the renewed buying interest refused to die early. It can be seen that with the increase in transaction volume.
However, if buyers manage to turn the $22,000 resistance into support, the doors will open for further gains.
On the move higher, the first upside target would be the Aug. 19 high of $23,217.0. This would confirm that the bulls are fully responsible.
Next, flag participants will be targeting a swing high of $25,200.
To add to the bullish sentiment, the MACD indicator supports this view. Although given the bullish crossover, it oscillates below the midline. Additionally, the rising histogram further indicates buying interest in the flagship coin.
In contrast, the largest bearish trend line is likely to reverse the trend. In this case, immediate support could lie at the 21-day EMA at $20,855.
The Fibonacci retracement from the $18,547 low suggests a minor correction or pullback in price on the 4-hours chart. If buying volume dries up, the price could test the 0.23% Fibonacci retracement level at $21,488.
On the other hand, if the bulls close above the session high, as depicted by the current price action, the recovery journey could continue towards $25,000.
Bitcoin price analysis remains bullish on the day. Prices have traded in the green for the past few hours. However, the bulls took a breather near higher levels. In the previous session, the price zoomed in to see the basis for the gains to expand. A continuation of the upward momentum requires more buying participation. BTC/USD is trading at $22,328.
Bitcoin price is consolidating near higher levels, awaiting more bullish confirmation.
A decisive close above $22,500 would strengthen the upside outlook.
This downside risk remains limited, but key support lies around $21,500.
The broader crypto market was no surprise, and the gains earlier this week were no exception. Bullish sentiment prevails and the cryptocurrency appears to be a few days away from lower lows. However, a major price move in the changing macro picture could change the view on the technical side.
Bitcoin price turns north
Bitcoin price analysis hints at a continuation of the current uptrend. The bulls managed to break above the key $22,000 mark amid continued buying pressure. Since September 9, when prices surged 10% in a single day, the renewed buying interest refused to die early. It can be seen that with the increase in transaction volume.
However, if buyers manage to turn the $22,000 resistance into support, the doors will open for further gains.
On the move higher, the first upside target would be the Aug. 19 high of $23,217.0. This would confirm that the bulls are fully responsible.
Next, flag participants will be targeting a swing high of $25,200.
To add to the bullish sentiment, the MACD indicator supports this view. Although given the bullish crossover, it oscillates below the midline. Additionally, the rising histogram further indicates buying interest in the flagship coin.
In contrast, the largest bearish trend line is likely to reverse the trend. In this case, immediate support could lie at the 21-day EMA at $20,855.
The Fibonacci retracement from the $18,547 low suggests a minor correction or pullback in price on the 4-hours chart. If buying volume dries up, the price could test the 0.23% Fibonacci retracement level at $21,488.
On the other hand, if the bulls close above the session high, as depicted by the current price action, the recovery journey could continue towards $25,000.
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