Bitcoin price is up by 12% on a weekly basis and recovered almost 30% from the recent low swing low at $19,549. On March 14, 2023, BTC price attempted to break out of $26,000 but did not hold at the higher levels.
BTC price is currently trading at $24,788 and the 24-hour trading volume to market cap ratio stood at 0.1139. In mid-February, the largest cryptocurrency by market cap bounced back by taking support of the 200 day EMA and reached $24,000. However, that attempt was unsuccessful and BTC faced strong rejection from the supply zone. After a few days of consolidation, Bitcoin price reverted downside and started declining by forming lower low candles.
On March 9, 2023, BTC price fell 6% in an intraday session amid the bank rout following the Silvergate Bank collapse and slipped below the $20,000 support. However, in the next few days, BTC witnessed a spike in buying volume and prices bounced back on the positive momentum. Therefore, some genuine buying occurred in the demand zone and the Bitcoin price is expected to hold the higher levels.
Bitcoin price re-climbed the 50- and 200- day EMA which indicates that the positional trend is highly bullish and bullish dominance is visible. Moreover, if the momentum continues and BTC price sustains around $24,000 then the probability of reaching $30,000 will substantially increase.
Bitcoin Price Holds $24K, Up-move Sustainable?
Bitcoin price shot up 10% approx in the previous session and hit a high at $26,386. However, In closing minor profit booking was visible which dragged BTC price below $25,000 indicates bears shifted to higher levels and now the hurdle is at $26,386. Bitcoin cryptocurrency formed a long tail bearish rejection candle showing that the rally is halted and prices might consolidate for some time.
Bitcoin cryptocurrency technical indicators signal uptrend and price action also denotes the same but minor consolidation is much needed before further momentum. The MACD has generated a fresh positive crossover indicating bullishness to continue for some more time. The RSI at 63 sloping upward denotes strength of the bulls and more room for upside is open. Technical analysis suggests the recent up-move is sustainable, and BTC price might try to reach $30,000 in the coming few months.
Conclusion
Bitcoin price is up by 12% on a weekly basis and showed a surprising rally from the recent low indicating that buyers are active at lower levels. Technical analysis suggests BTC price is in bullish grip and that the recent rally looks sustainable. However, BTC price might consolidate for some time in the range between $22,000 to $26,000 before deciding further direction.
Technical levels
Resistance levels : $26,386 and $28,000
Support levels : $22,000 and $20,000
