MEXCBTC Price Analysis: Is $25,000 Next Amid Bullish RSI Divergence?
Bitcoin price trades higher on Monday. The asset makes a steady move toward the $22,000 level for a short-term upside target. The descending trend line from the highs of $42,980 acts as a strong upside barricade for the bulls. A sustained buying pressure could result in the breakout of the filter.
- BTC price refreshes monthly high above $22,000.
- Bulls attempt recovery above 50-day EMA toward $25,000.
- However, strong resistance is placed at around $23,000 on the daily chart.
BTC looks for upside gains
BTC price exhibits a consolidative price action trapped in a range of $18,000-$22,000 for the past month. ETH has already been given a breakout from its range, but BTC, the major crypto hasn’t yet.
BTC touched its resistance in today’s session but retraced sharply from the higher of level $22,700. After falling 45%, in just two-week, it’s difficult for any script to move back up again. We chart out two possible outcomes for the asset.
- Drop-base-Drop: – After a great fall, the asset tends to go into a range for some time to create a Base for the next directional setup. Next, If the price breaks base Support, then usually, coins tend to go lower, similar to the previous fall.
- Drop-base-Rally: – In this scenario, after the fall the asset goes into a range for a few days or months, called the BASE, and if the price breaks the base resistance, the price can move towards its previous swing high.
On the hourly chart, the BTC price is making higher highs and higher lows. The asset is trading in a rising channel consisting of support & resistance. The price could test the lower trend line placed at $21,200 before moving higher.
BTC on a daily time frame is still trading in a short-term trading range. To continue with the upside movement the price must meet the 50-day EMA placed at $23,393.32.
The RSI (14) gives a bullish divergence on the daily chart. It reads at 54.
- Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution
- Breaking: XRP Treasury Evernorth Debuts on Nasdaq Under XRPN Ticker After $1B Token Purchase
- BlockDAG Listing Rumors on Coinbase and Kraken Fuel Hype; But Analysts Urge Caution
- Toobit Introduces Multi-Million Dollar Shield Fund to Protect Traders Against Platform Incidents
- $1.7 Trillion T. Rowe Price Files for First U.S. Spot Shiba Inu ETF, Boosting SHIB’s Adoption
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
