BTC rejected again at $ 24,000, is a correction imminent? (Bitcoin price analysis)

BTC rejected again at $ 24,000, is a correction imminent? (Bitcoin price analysis)

Last week Bitcoin saw many bullish on-chain and technical signals. However, when a significant level of resistance was achieved at $ 24,000, there was a fight between the bulls and the bears. The main question is whether it is the beginning of a bull market or just a bull trap.

technical analysis

of Shayan

the daily -type

The impulsive upward trend from Bitcoin was stopped by the psychologically significant level of resistance of $ 24,000. In the meantime, the price has entered a consolidation phase and prints several large shadows on the candlestick.

This structure implies that a struggle has taken place on this decisive level. The winner determines the medium -term orientation. In the event of an outbreak over the above level, the market can suddenly rise.
On the other hand, the sliding 50-day average has claimed the gliding 100-day average of around $ 18.7,000, a definitive interest bully sign for the price in terms of the price movement.

In addition, the price recently exceeded the long -term descending trend line. However, the dynamics of the outbreak was not strong enough to rule out the fake outbreak scenario.

Tradingview

The 4-hour diagram

Despite the interest bully signals on the daily chart, the price movement in the 4-hour time frame does not look so good. Bitcoin faces two crucial level of resistance; $ 24,000 and $ 25,000. The price is currently fluctuating in the $ 23,000 region and has formed a reverse pattern with three drives within a declining rising flag. A short -term correction phase could take place if Bitcoin falls below the lower trend line.

If, on the other hand, the trend line supports the price, the next stop will be the primary level of resistance of $ 25,000. In addition, the divergence between the RSI indicator and the price was highlighted, which indicates that a short-term consolidation correction phase could soon occur.

Tradingview

on-chain analysis

of Shayan

Although Bitcoin has achieved what many call a bull market, the amount of BTC that reaches the stock exchanges has remained moderate. In addition, BTC whales, an important cohort among market participants with more than 1,000 bitcoin stocks, have not yet transferred any significant amount of coins on the stock exchanges.

On the other hand, Bitcoin-Miner are another crucial cohort that influences the market with its output behavior. The following graphic shows the miner reservations Metrik next to the price. In the case of the miners, a considerable increase in Bitcoin inflows can be observed in the stock exchanges (5,592 BTC on January 19) after the prices reached the price level of $ 20,000.

This makes the miner the reserve number has a sudden decline, which indicates that the recent upward trend of this important cohort offers an excellent opportunity to control their commitment to the market, manage their mining costs and distribute their stocks to achieve profits. The output behavior continues, the market could go into short -term consolidation in the coming days.

Cryptoquant

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