Bitcoin
BTC price broke out of the box after a long movement.
The $23,840 mark appears as an immediate hurdle.
Bitcoin
BTC price broke out of the consolidation box and is showing an uptrend on the hourly chart. Price action refers to a bullish pattern as it forms high-lows on an ascending trendline. Buyers dominate the short term trend.
Speculators are set to book decent profits at the higher zone while the bears await a retest of the weekly swing high at $23,840 in bitcoin price to attempt a minor retracement. There will be a possibility of this short term selling
https://www.tradingview.com/x/ITMwDS3C/So far the $23,400 level has turned into the most recent support, on the contrary, $23,800 could interrupt the ongoing trend before reaching $24K. A breakout of this narrow trading range could lead to a significant upward move.
The monthly halving is nearing completion, and on January 29, Bitcoin
BTC rallied by over 2.5%. This indicates that the bulls are aggressively participating in the market until they reach the $24K resistance as the market is consolidating.
About Technical IndicatorsThe traditional indicators on bitcoin are bullish as well as the rising trend line is an important defending zone for the bulls, so bitcoin price could again rally to this price point in the coming days. Usually, strong breakouts can handle market stability and can trap buyers if the price moves slowly.
ConclusionIf Bitcoin
BTC price moves above the $24K level, a rally to the $1000 mark awaits the buyers. The market sentiment is looking good to trade with an upside bias in the coming week.