BTC withdraws, but do the bulls organize a rally to $ 24,000? (Bitcoin price analysis)
BTC withdraws, but do the bulls organize a rally to $ 24,000? (Bitcoin price analysis)
The youngest upward trend from Bitcoin has temporarily stopped when he reached the large swing level of around $ 22.8,000. Although there are some interest bulls on the basis of the on-chain analysis, there is a significant resistance region ahead of us on the way of Bitcoin.
technical analysis
of Shayan
the daily -type
The market seems to look for a direction, since the price has now reached a critical resistance zone. The descending trend line had supported the price until Bitcoin experienced a sudden cascade at the end of June 2022 and fell underneath. This trend line then turned into a significant level of resistance and has rejected the price since then.
However,Bitcoin has initiated an increase and is currently striving to exceed the trend line that is currently around $ 24.5,000. A valid outbreak should make the upward trend easier and lead to an impulsive upward movement.
It is also worth noting that the sliding 50-day average is about to claim the sliding 100-day average, a well-known interest bully indication of the market structure, which indicates that a new upward trend could occur soon. Tradingview
The 4-hour diagram
The price of Bitcoin is currently consolidated in an important resistance zone of $ 22.5,000, which also corresponds to $ 22.8,000 with an earlier big swing. In the event of an outbreak, the market could achieve adequate demand and expect another short run towards the decisive resistance brand of $ 25,000.
By comparing the price and the behavior of the RSI indicator, however, a significant declining divergence can be identified in the 4-hour period, which could possibly lead to a reversal.
In view of the Bärische Divergence, the more likely scenario is a short -term consolidation correction phase, followed by another impulsive upward trend to higher price levels. Tradingview
on-chain-analysis
The MVRV metric measures the ratio of the market capitalization of the coins to its realized upper limit and indicates whether the price is overrated. Historically speaking, values were indicated by "3.7" on courses, while values marked under "1" course.
The following diagram shows the MVRV metric and the price of Bitcoin. During the last phase of the 2018 Bear Market, the key figure fell below 1 and rose after medium -term consolidation and crossed 1. At the same time, Bitcoin found its low point and started an upward trend that marked the Bullenmarkt in 2019.
The same behavior can be observed in MVRV's recent move. The metric has risen sharply lately and has reached 1.14 due to the impulsive upward trend of Bitcoin. This can be interpreted as an interest bully sign that Bitcoin is about to initiate a significant growth trend.
Cryptoquant
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