BTC taps $ 21,000, but is it time for a correction? (Bitcoin price analysis)

Von Krypto News Österreich

The price of Bitcoin has clearly gained upward dynamics and recovered from the decline caused by the FTX case. Nevertheless, he has achieved robust resistance, and if the householders press the course over it, a medium -term upward trend is possible.

technical analysis

of Shayan

the daily

The price of Bitcoin continued his rally after exceeding the sliding 50 and 100-day average. It also exceeded the upper trend line of the wedge and achieved a decisive level of resistance with considerable momentum. The market is currently facing the previous major pivot point, a critical level of resistance of around $ 21.5,000.

If Bitcoin successfully exceeds the level of $ 21.5,000, demand will more likely return to the market, and a new rally in the direction of higher price levels can take place. In the event of an outbreak, the price level of $ 25,000 will be the next barrier on the way of Bitcoin. Nevertheless, the price has increased impulsively and could enter a consolidation phase before the next impulsive rally.

btc_price_chart_1601231 Tradingview

The 4-hour diagram

In the 4-hour time frame, it is obvious that the price has completely recovered from the FTX crash and reached its previous big daily peak at $ 21.5,000. Important pivots are decisive levels in classic price action patterns, and a movement about it could be an interest bully sign for an upward trend.

In the meantime, the course has formed a double-top reverse pattern, a well-known declining signal, and if it is rejected, one leg is possible downwards. In view of the importance of this region, the upcoming price campaign should therefore decide in the medium term.

btc_price_chart_1601232 Tradingview

Auf-chain analysis

of : edris

Bitcoin-Miners position index

The miners of Bitcoin, who may be the most critical actors in the network, since they offer security and validate transactions, also play a crucial role on the market when it comes to supply and demand. Miners have large sacks with BTC, and their sale or Hodling affects the price of the financial value.

In the past few months, the miners have distributed or obtained more than the Bitcoin drop in most of them and forced them to sell their coins to cover their operating costs, and with the recent price increase they have decided to sell back to strength.

This behavior is clearly visible in the miners position index with a considerable increase and is very similar to April 2022 when Bitcoin was traded around $ 46,000 and then started falling quickly. Investors should therefore be careful because the bear market could continue because the recent sales pressure could also lead to another crash at short notice.

btc_miners_positions_index_chart_160123 Cryptoquant

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