Bitcoin Price Analysis: BTC Consolidates Below $24,000; Hold Or Exit?
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.
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
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.
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
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.
