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.