Bitcoin explodes by 14 %weekly, are $ 20,000 next? (BTC price analysis)

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The price of Bitcoin has finally exceeded a significant level of resistance after yesterday's CPI announcement. However, there is still a big obstacle that should be removed so that the price campaign is considered bullish.

technical analysis

from: Edris

the daily type:

In the daily time frame, the price finally exceeded both the level of resistance of $ 18,000 and the upper limit of the large -falling wedge pattern. BTC could soon rise to the level of $ 25,000 from classic price action perspective.

The sliding 200-day average (~ 20,000 $), a significant psychological barrier, remains intact. A breakthrough over this zone can lead to a rally towards $ 25,000.

In addition, the RSI indicator currently shows significantly high values, which indicates that the price is massively overbought. A short-term sweater or a reversal of the moving 200-day average is likely.

btc_price_chart_1301231 Tradingview

The 4-hour diagram:

If you look at the 4-hour time frame, the announcement of CPI has led to an impulsive outbreak over the resistance range of $ 18,000

While the next goal is apparently the $ 21,000 mark, there is a very high probability for at least a retreat to the broken $ 18,000 mark if you take into account the RSI-overloaded signal in the daily and 4-hour time frame. However, if the price falls below the level of $ 18,000, the outbreak would be considered failed, which would lead to a decline towards the level of support of $ 16,800 and possibly even the zone of $ 15,000.

btc_price_chart_1301232 Tradingview

onchain analysis

of Shayan

The following graphic shows the ratio of offer to profit (%) in addition to the price of Bitcoin. The metric measures the ratio of the sum of the profitable UTXOS to the total amount of the UTXOS.

An upward trend in the key figure shows that more investors could make profits and see this as an opportunity to make their profits. As a rule, this leads to a higher sales pressure and can lead to a price reversal.

This week the market experienced a sudden increase, and Bitcoin rose by over 10 %, which caused more than 13 % of the circulating offer of Bitcoin. In view of the current market situation, the participants could take this opportunity to implement some profits and reduce their commitment. Therefore, a short -term consolidation is followed by a correction a likely scenario for Bitcoin in the coming days.

btc_supplyinprofit_1301231 Cryptoquant

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