These Are the Critical Levels for BTC in the Immediate Term (Bitcoin Price Analysis)

Read full article at CryptoPotato.

For the past two weeks, Bitcoin has maintained its range-bound price movement. However, there are several indicators pointing toward an imminent breakout.

Technical Analysis

By Edris

The Daily Chart

The price has been consolidating within a narrow range on the daily timeframe for the last 7 days. This consolidation follows the market’s downward rejection at the $30K resistance level and the subsequent breakdown of the 50-day moving average of around $29K.

Currently, the expected bearish target for the price is the $25K support level. However, there is a possibility that the price may first retest the 50-day moving average before continuing its decline toward $25K.

The RSI is also showing an upward trend and is approaching the 50% threshold, indicating a potential pullback toward the 50-day moving average or perhaps even another retest of the $30K resistance level in the coming weeks.

It’s worth noting that the latter scenario would likely invalidate the former, and a bullish breakout above the $30K level would then be more likely in this case.

Source: TradingView

The 4-Hour Chart

The 4-hour chart presents an intriguing situation. Currently, the price is undergoing a retest of both the $27,500 level and the upper boundary of a small bearish flag. If it faces another rejection, there is a strong likelihood of a decline towards the lower boundary of a larger channel and the $25K support level.

On the contrary, a breakout above this area would potentially result in a push out of the larger channel, followed by a subsequent retest of the $30K level in the near future.

Additionally, the RSI on this timeframe indicates bullish momentum with values above 50%, further enhancing the likelihood of the bullish scenario unfolding.

btc chart 2305232
Source: TradingView

On-chain Analysis

By Shayan

The graph below illustrates the Bitcoin Active Addresses metric, a 30-day moving average, alongside the BTC price since the bear market of 2017. This metric serves as an indicator of market demand. During bull runs, the demand for Bitcoin rises, leading to an increase in active addresses. Conversely, during bearish market phases, interest in the industry wanes, resulting in a decline in the active addresses metric.

Bitcoin’s recent behavior resembles its price action at the beginning of the 2019 bull market. However, after a period of consolidation, the metric began an upward trend simultaneously with a bullish mid-term rally in price, indicating growing demand for Bitcoin. This phase can be referred to as the early stage of the 2019 bull run, preceding the main stage in which active addresses experienced a sustained surge.

A similar pattern is unfolding currently as the metric continues to soar alongside Bitcoin’s upward movement. Based on the graph, it can be inferred that Bitcoin is potentially entering the early stage of its next bull run. Nevertheless, remaining aware of market risks and volatility during these periods is crucial.

btc active adresses chart 2305231
Source: CryptoQuant

The post These Are the Critical Levels for BTC in the Immediate Term (Bitcoin Price Analysis) appeared first on CryptoPotato.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

Raze Network Launches Maze Runner V0.1

Read full article at CryptoPotato.[PRESS RELEASE – Please Read Disclaimer] When Raze Network decides to become an open-source […]

Learn More

Fed balance sheet adds $393B in two weeks — Will this send Bitcoin price to $40K?

Read full article at News. The U.S. central bank’s liabilities may increase if more regional banks fail, […]

Learn More

Breaking: This Level Is Crucial Now As Ethereum (ETH) Price Breaks Key Support

Read full article at Coingape.Ethereum (ETH) price breaks below the key support level of $1,430 today, falling to […]

Learn More