Bitcoin Price Analysis: BTC Prints Fresh Monthly High; A Bull Trap?
The Bitcoin price analysis shows the price mildly bullish move. After witnessing a continuous upside for two consecutive sessions, BTC retreats as the bulls took a breather near higher levels. A euphoria extended after the less hawkish Fed seems to be consolidating.
- Bitcoin price pauses gains following straight two sessions of gains.
- The range-bound price movement indicates a consolidation before the next directional setup.
- Momentum oscillators tilt in favor of bulls.
In today’s session, the BTC price tested fresh monthly highs above $24,400. However, it entered into corrective pullback since then. The below-average volumes suggest that the market is not over yet with the bullish outlook.
As of publication time, BTC/USD is exchanging hands at $23,456.78, down 1.30% for the day. The 24-hour trading volume stands at $40,301,078,987 with more than 6% gains.
BTC signals consolidation
BTC price trades higher on Friday as the bulls are back in action, but faces rejection near the higher level. The price had given a good breakout from its ‘Channel pattern’. The price is near the highs of July 20, thus forming a double top formation. However, the average volume indicates that the price might ignore any bearish sentiment as of now.
On the daily chart, BTC’s price faces a strong resistance hurdle above $24,250. As can be seen in the chart. BTC formed a bullish Flag and pole pattern and gave a breakout from $22,800 levels. I the [rice is able to break the session’s high on a daily basis, with good volumes then we can expect a good bullish momentum of up to the highs of June 13 at $26,869.45.
Further, according to the Bullish Flag and Pole pattern, the next expected target could extend from $27,500 to $28,500.
On the hourly time frame, the rice is breaking every swing high, indicating bullishness. On June 13, the price fell below $24,350, since then this level become a resistance. Now, an acceptance above 24,350, then we can expect a good momentum on the higher side.
On the other hand, a break below the $23,000 level could invalidate the bullish outlook.
Conclusion:
BTC is bullish on all time frames. Above $24,350, we can put a trade on the buy side.
- Experts Say Bitcoin CME Gap Brings Short Term Uncertainty Before Uptober Rally Begins
- MrBeast Expands Holdings in ASTER Token as Revenue Outpaces Hyperliquid by 10x
- Why Is Canary Litecoin ETF Approval by US SEC This Week Crucial for Crypto Market?
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
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.
