Bitcoin price analysis is basking in the green zone after weeks of crypto winter. Financial markets are trading in the 75 basis point hike in US Federal Reserve interest rates. It looks like the crypto market is also reacting well to the expected rate hike as BTC/USD broke through $23,000 on the global rally. The positive vibes reverberate throughout the crypto ecosystem as most coins and tokens break through their resistance points.
BTC/USD is currently trading above $23,900 and heading towards psychological resistance at $25,000. Raising interest rates less aggressively will only help financial markets by controlling inflation and taming fears. So, is the BTC/USD winter over and is Bitcoin ready for its next bull run?
Bitcoin Price Movement in the Past 24 Hours: BTC Knocks on $25,000 Door
Analysts may be divided on the bull-bear argument, but the current BTC price is skyrocketing rapidly. According to Bitcoin price analysis, the current levels are prompting bulls to create long-term positions, as the technical indicators are all pointing to more gains. Day traders can book profits which may lower prices slightly but will create more favorable entry positions.
The 20-day exponential moving average was confidently broken in the current rally as prices broke above the $21,378 mark. The symmetrical triangle pattern has been broken and the bulls are controlling the hourly charts according to Bitcoin price analysis. The rise in the price channel is also reflected on the daily charts as the pair broke above the central Bollinger Band to reach a higher level of $24,000.
The range bound pattern has been sufficiently broken as suggested by the rising RSI on the daily time frame. Nearby resistance lies at $24,300 while support lies at the $22,800 level. If the pair breaks above $24,500, then the bulls will likely bring massive volumes to break through the $25,000 level for further upside according to Bitcoin price analysis.
BTC/USD 4-Hour Price Chart: Bulls Firmly in Command
The bull trap phenomenon is not in sight as the buyers have full control over the hourly charts. Bitcoin price analysis shows that the bulls pulled back slightly towards $22,800, but the buyers jumped in quickly to carry the price above $23,000. There may also be for-profit reservations near the lower levels. The price action is not fiercely to the upside but neither is it constrained as all technical indicators are in the green zone.
A bottom buying opportunity could emerge near a retracement of $23,000 depending on the momentum oscillator. The RSI broke through the 70 mark on the hourly charts, which is sure to inspire more buyers. The MACD indicator shows a successful crossover. So, so far, the bullish rally is well intact and if the buyers are able to close the day above $24,000, institutional investors and whales could get in on the trend as well.
Bitcoin Price Analysis Conclusion: Is Bitcoin Ready to Shock the Bears?
The price of BTC/USD is up 18% in the past three days, which is a relief for the crypto world. The king of cryptocurrencies is now aiming for $25,000. The uptrend may prove difficult for bulls as short sellers are waiting for a psychological level near $25,000.
If a bullish scenario is contemplated, BTC may surge towards $30,000 as most technical indicators on the daily charts have not yet turned too green. Bitcoin price analysis is known to be highly irrational and the current trend may soon spike in the same area.
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