Today’s Bitcoin price analysis shows BTC’s price bounced off key support of $25,500 and broke past the $26,500 resistance, hitting an intraday high of $26,989.07. A rally to $27,000-$28,000 is expected in the next few days as investors anticipate a break past these levels and aim for higher highs.
BTC/USD analysis on a daily chart: Bulls must defend the $26,600 level to avoid a deeper price correction
The Bitcoin daily chart shows BTC/USD is still in an uptrend, with support at the $25,500 and $26,000 levels. Bulls must defend these levels to maintain the uptrend and prevent deeper price corrections. Market sentiment is bullish as investors expect a break past the $28,000 resistance. If BTC breaks past this level, a rally to the all-time high price of $29,868 should not be ruled out. On the other hand, if market sentiment turns bearish and bears push prices lower than the key support levels mentioned above, we can expect a deeper correction toward the $23K-$24K range.
The BTC/USD pair experienced a drop in value at the beginning of the week’s last Wall Street trading session. It briefly went below the important 100-day and 200-week moving averages (MAs) but recovered. The market appears to be in a consolidation phase, with investors waiting for a strong break past the $28K level before taking new positions. As such, bulls will need to defend the levels mentioned above and push prices higher if they’re going to see further gains in the near future.
The technical indicators on the daily chart are bearish at the moment. For instance, the Relative Strength Index remains at 37.87, and no signs of bullish activity have yet been seen. MACD is also bearish, with the PPO line crossing below zero and the histogram showing red bars in its negative territory.
Bitcoin price analysis on a 4-hour chart: Bullish crossover underway
The BTC/USD 4-hour chart shows that a bullish crossover is underway between the 9-day exponential moving average (EMA) and the 21-day EMA. This could signal further upside in the pair if the bulls can defend key support levels.
The Relative Strength Index in this timeframe remains at 41.44, indicating no strong bear. A bullish candle above $26,800 should be a positive sign. However, if the bears push prices lower than the key support levels mentioned above, we can expect further corrections in Bitcoin price analysis. A drop below $25,500 may lead to a deeper correction toward the 23K-24K range.
Bitcoin price analysis conclusion
The Market sentiment appears bullish as investors anticipate a break past the $28,000 resistance. However, bulls must defend key support levels to maintain the uptrend and avoid deeper price corrections. A rally to the all-time high price of $29,868 should be expected if BTC breaks past the $28K level in the near future. On the other hand, if the bears push prices lower than the support levels mentioned above, further corrections are likely.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
