Sign Up on MEXC
The Bitcoin price analysis shows the prices are currently consolidating near the $21,500 level. The BTC/USD pair is currently trading at $21,454, an upside of $0.9%. The market bias is neutral to bullish, and prices are expected to rise above the $22,000 support level in the short term.
- BTC price prints modest gains following consolidation in the previous session.
- The bulls manage to hold the critical support level at around $21,000.
- A daily candlestick above the 20-day EMA at $21,700 would bring more gains.
BTC price analysis indicates that the recent corrective pullback seems to be exhausted, and the bulls are back in control. The market is expected to bounce back as the bulls attempt to recapture the higher levels.
BTC price consolidates
On the daily time frame, the price is making higher highs and higher lows. The price founds reliable support near 61.8% Fibonacci retracement, as from its recent impulse move.
A sustained buying momentum with fresh buying interest could push the price forward to its recent resistance of $22,490. The market participant would then look up to the swing high of $24,287.13.
On the other hand, if the price is not able to break above the 20-day exponential moving average (EMA) at $ 21,717 then the price might take a U-turn toward $20,000.
The RSI (14) reads below 40, indicating a sideways to a slightly positive trend. MACD lines are still above the zero line, showing a slightly positive structure.
1-hour chart points to a short-term upside
On the hourly time frame, the price is trading in a falling channel, forming a bullish impulse move. BTC found vital support near $21000 and bounced back.
BTC price formed an inverted ‘Head & Shoulder’ pattern and gave a breakout with good volumes. Right now, BTC is taking a retest of a bullish Head & Shoulder Pattern, and if the $21,500 level broke on the higher side, then we have more upside.
Conclusion:
BTC is showing bullish momentum in all time frames. Any downtick could be utilized for the higher levels
Support: $20,700
Resistance: $22,500
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
