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Key Highlights:
• Bitcoin lost 3.7% today after facing rejection around $24,300 level – the current high
• The long-term bullish trend may suspend if the key $20,000 level fails to act as a support
• A break above the current ATH would validate more increase for the giant coin
Bitcoin Price Analysis
Bitcoin sets another massive all-time-high record yesterday at $24,300 on BitStamp following an impressive 40% gains under a week. This rally was followed by a big shot above $20,000 last week. Although the leading cryptocurrency seems to have exhausted momentum around this new ATH after a three-day consolidation. The price just dropped to $22700 at the time of writing.
However, Bitcoin is still looking bullish on the long-term trend but we may see a deep correction to around $20000 resistance-turned-support level before rebounding. But the price is likely to face key psychological support at $22000 and $21000 before it further drops.
The latest drop was triggered after Bitcoin reached overbought zone on the 4-hours technical RSI indicator. It is now looking for support around the 50 level. If this level fails to provide support, we can expect a further loss to RSI 30 level – where a rebound is most likely to come into play. The MACD indicator is similarly oscillating downward – although still in its positive zone.
In case Bitcoin manages to bounce back from any of these mentioned key support levels, we should expect a massive rally towards $30000 level (where a new ATH is likely) in no time. Along the way, resistance may also come around $26000 and $28000 after surpassing the current $24300 high.
The current bearish actions may last for a while before we see a major recovery. A steep drop below the $17600 benchmark could set a mid-term bearish for Bitcoin. For now, the trend is still in favor of the bulls.
Key indicators:
Resistance Levels: $24300, $26000, $28000
Support Levels: $22000, $21000, $20000
Current Rate: $22700
Price Change: -3.7%
Trend: Bullish
Volatility: High
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