Can Bitcoin Finally Break $24K or is Another Crash Coming? (BTC Price Analysis)

Bitcoin’s struggle to hold above $24K continues. It has been rejected at this level for the third consecutive time. The price has rebounded from the $20K resistance level last month, and has been making higher highs than lows on the daily charts. This created a bullish structure. Can the cryptocurrency finally surpass the $24K resistance?

Technical Analysis

By Edris

The Daily Chart

Bitcoin has not yet broken the $24K barrier as of writing. Further resistance is being created by the 100-day moving average, which has now reached the $24K level. The 50-day moving mean, which is currently at $22K, would provide support in the event of a bearish pullback. Bearish momentum will likely return if the price falls below the MA. A downtrend is likely to continue below the $20K support level.

However, a rapid rally towards the $30K support zone is possible if the price breaks above the $24K and 100-day moving average levels.

Source: TradingView

The 4-Hour Chart

Although the price reached the upper boundary of the large bearish flag, it was rejected again. The bullish trendline has formed in recent weeks and could be a support for the near term. The RSI oscillator however has shown a bearish divergence signal, which suggests a possible breakdown of the bullish trendline.

A drop towards the flag’s lower boundary, or even a bearish breakout with continuation below $18K would be most likely. This continuation pattern is validated following a breakout, and could be the catalyst for another bearish impulsive move.

However, it should be noted that although the bearish continuation scenario is not impossible if the price breaks below the flag in the days ahead, it seems less likely.

Source: TradingView

Onchain Analysis

By Shayan

This chart shows Bitcoin’s Long-Term Holder Realized Prices alongside its price. It is the average price weighed by the amount of coins held by long-term holders. It is also known as the resistance or support level on the chain.

A bear market’s bottom usually forms when the market is in extreme fear. Capitulation is a stage in which all market participants reach a point where they are vulnerable to huge losses. The last group to capitulate is usually the long-term holders and whales. This would be the last phase of the bearish cycles.

Bitcoin’s price has exceeded the LTH realized price three times in its existence. This means that long-term investors are now at a loss. It has risen above this crucial level and is now beginning to recover. If the price supports the level, the next bull market can be initiated.

Source: ChainExposed

The post Is Bitcoin finally breaking $24K? Or is there another crash in the works? (BTC Price Analysis), appeared first on CryptoPotato.

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Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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