Bitcoin price analysis: Consolidation tests bulls as BTC remains below $24k

Bitcoin price analysis shows that the pair is moving in a sideways action with a downward bias. The continuous ‘lower lows’ means that the pair is unable to move past the resistance at $24,000. The consecutive failures to go beyond resistance zone means that the pair is under bearish pressure for the past few hours.

btc usd coin 1
Source: Coin360

The potential for a reversal is high as the pair decides its further trajectory according to Bitcoin price analysis. The 20-day moving average is near the current price at $23,400 and the upper Bollinger Band is pushing the price downwards. The upper band at $24,000 is holding the price below $23,600 and also close to the 20-day moving average where the bears can expect to sell the pair in case bulls don’t defend higher momentum.

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Bitcoin price movement in the last 24 hours: Entry point for bull rally or another flashpoint?

The current Bitcoin price analysis shows that the pair is unable to cross the $24,000 barrier. Bulls have not established any long positions and the upper range remains well below $24k. The chances of a price reversion means that the pair can drift sideways in the coming few days. The volume data is not encouraging for a bullish scenario.

btc d
Source: TradingView

Most buyers are vacating positions slowly as the BTC/USD pair is sliding ever so slowly towards lower support zone at $23,000. The pair is nowhere close to overbought territory as is reflected in the RSI data. The daily charts shows a rising price channel unaffected by the current stagnation. The triple wedge pattern is not yet threatening the lower boundary of the Bollinger Band.

BTC/USD 4-hour price chart: Battle between the bulls and bears

Whether the current consolidation can be called a bullish bias remains unanswered. The pair is struggling to establish a direction since neither bears nor bulls are participating in large numbers. The Bitcoin price analysis hangs in balance as technical indicators are also slowly tuning neutral. The RSI remains near 60 level and the MACD indicator shows lines converging towards the middle.

btc 4h 2
Source: TradingView

The lower highs on the charts is another concern for the buyers. The buy orders can emerge near the 20-day moving average which is close to $23,000 price level. It is also the region where the bulls will likely make a comeback to defend lower support zone.

Bitcoin price analysis conclusion: BTC remains steadfast in neutral territory

The corelation with equity markets is diminishing for the past few sessions. As the world equity markets rise higher, the BTC/USD pair remains stuck in quagmire. The Bitcoin price analysis is not showing any clear direction making things complicated for the bulls and bears both.

Any large orders or an untoward movement in either direction seems improbable. The pair is going to remain within the confines of the Bollinger Bands and day traders can attempt small margin trades.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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