BTC Consolidates Below $24,000; Hold Or Exit?


Published 1 hour ago

Today’s Bitcoin price analysis offers no surprise. As the price extends its consolidation move on the first day of the new trading week. The price moves in a very narrow range of $23,200 and $23,400 with a negative bias. According to CoinMarketCap data, BTC’s price is attempting to make its next big move amid a solid consolidation. Amid, the “Buy the Dip” sentiment, investors must wait for further confirmation to place aggressive bids.

As of press time, BTC/USD is reading at $23,242.09, down 0.28% for the day.

  • BTC price treads water on Monday with limited price action.
  • The formation of multiple Doji candlesticks suggests the price could attempt recovery toward $24,700.
  • However, mixed momentum oscillators warn investors of aggressive bids.

BTC extends consolidation

BTC price is trading in a rising channel, making higher highs and higher lows, but faces rejection near the higher levels around $24,655.This coincides with the highs of July 20, Thus forming a double top formation. The volumes are also below average indicating that the price might ignore any bullish sentiment as of now.

Source: Trading view

The daily chart shows BTC’s price faces a strong resistance hurdle above $23,900. As can be seen in the chart, there is no closing candle above this level so far. At this moment, the price taking good support from the 50-day moving average. 

A daily candlestick above $24,000 could mean bulls are back in action. On moving higher the upside target could be found at around $25,500.

On the other hand, if the price is able to break below $23,060, with good volumes then we can expect a good to bearish momentum up to the lows at $22,500. Further, if the price started to fall below the 50-day moving average, then, the next expected target would be the 20-day exponential moving average, which is from $22,720 to $22,550.

1-hour chart indicates a correction

Source: Trading view

On the hourly time frame, the price gave a breakdown out of the ‘Head & Shoulder pattern’, indicating Bearishness. According to this pattern, the expected fall could be $22,720 and further.

On the other hand, a break above the $23,900 level could invalidate the bearish outlook.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Close Story



Source link

Related articles

iPhone 17 Rumors: Newest Information and Leaks

We're nonetheless months away from Apple's anticipated reveal of the most recent iPhone, which we anticipate to occur within the firm's ordinary September window for launching the subsequent version of its in style line...

🚨⚡ Readability Pulse Detector MT5: Definitive Closed-Bar Indicators—Zero Repainting 🚨⚡ – Buying and selling Methods – 3 June 2025

Readability Pulse DetectorReadability Pulse Detector analyzes closed bars and accompanying quantity bars to determine real development reversals with out counting on future information....

Finest Finance Video games for College students for Cash Administration Abilities

We’re diving headfirst into the greatest finance video games for college kids – the final word technique to rework cash administration from a chore into an attractive problem. This put up is your all-access...

STRYDE, Getech launch new onshore focusing on and exploration service

Getech Group plc, a number one locator of subsurface power and mineral assets, and STRYDE, the onshore nodal seismic imaging specialists, have collectively introduced the launch of a brand new excessive affect focusing...

After XRP, Ripple’s RLUSD Joins Dubai’s Accepted Crypto Tokens Beneath DFSA

Ripple's US greenback stablecoin, RLUSD, is now formally acknowledged underneath the crypto token regime of the Dubai Monetary Providers Authority (DFSA). The token is described by Ripple as compliant and designed for enterprise use and real-world...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com