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Bitcoin Loses $23,000, But Is Another Rise Coming? (BTC price analysis)
The market struggled to rise above the significant resistance level of $25,000 and now the price is slowly declining. Therefore, the possibility of a correction before the next rally has increased. Technical Analysis By Shayan The Daily Chart The $24,000-$25,000 region is currently providing Bitcoin with the most resistance on the daily time frame. It is also an important psychological level, as it has been the main barrier in the last eight months. However, due to the market's recent bullish phase, the price has increased and reached the $24,000 region. However, the bulls failed to push the price above and it was rejected. …
Bitcoin Loses $23,000, But Is Another Rise Coming? (BTC price analysis)
The market struggled to rise above the significant resistance level of $25,000 and now the price is slowly declining. Therefore, the possibility of a correction before the next rally has increased.
Technical analysis
From Shayan
The daily chart
The $24,000-$25,000 region is currently providing Bitcoin with the most resistance on the daily time frame. It is also an important psychological level, as it has been the main barrier in the last eight months.
However, due to the market's recent bullish phase, the price has increased and reached the $24,000 region. However, the bulls failed to push the price above and it was rejected. Also, a sustained bearish divergence between the price and the RSI indicator increases the chances of a short-term correction.
Nevertheless, the cryptocurrency could retest the 200-day moving average and the broken trend line before initiating another rally towards $25,000.
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The 4 hour chart
On the 4-hour time frame, the price plunged below the lower boundary of the flag and retested the trend line to complete the pullback, signaling confirmation of the pattern described. However, the positive momentum was weaker than expected, causing BTC to fluctuate.
Meanwhile, static support has formed at the $22.3K level. As a result, many sell stop orders below this support level provide ample liquidity for the market to grab before making the next move.
Therefore, the short-term consolidation correction scenario is approved for now unless the bulls surprise the market and print a big green candle on the BTC charts.
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On-chain analysis
From Shayan
The Puell Multiple metrics offer participants a broader insight into the market phase by asking: “How profitable are mining pools compared to last year if all Bitcoins created were immediately distributed into the market?”
Historically, every time the metric fell into the green zone, the market eventually found a bottom, marking the final phase of the bear phase. Accordingly, the metric had fallen into the green zone due to Bitcoin's massive downtrend over the past few months. However, the recent uptrend in Bitcoin price has seen it rise and exit the green zone.
This could be interpreted as a bullish sign, suggesting that the bear market is over and Bitcoin may have found its bottom. Nonetheless, a reverse scenario is always on the table and the recent price rise could be another significant bull trap. Therefore, it is better to be careful.
CryptoQuant
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