Right now, Bitcoin (BTC) is struggling to maintain a price above the $24,000 level. In fact, Bitcoin has already received a rejection from the $24K level three times in a row.
Last month, BTC rebounded from the $20,000 support and ever since then, it has been making higher lows and higher highs on the daily chart. As a result of this price movement, a bullish structure was formed in the BTC charts. But this formation has also given rise to a question - Is Bitcoin ready to rise above the $24,000 price level?
Right now, Bitcoin is just trading close to the $24,000 resistance level. Another big hurdle is the 100 SMA (daily) that has also reached the price range of $24,000. So overall, there are two resistances (horizontal and dynamic) that are keeping the Bitcoin under pressure.
If the BTC experiences a bearish pullback in the short term, it could find support at the 50 SMA (daily), which is around $22,000. But if the BTC breaks below $22K, we see a resumption of the bearish momentum once again.
Another scenario is that BTC manages to close the 100 SMA (daily) and the $24,000 price level - In that case, the next stop will be the $30,000 resistance zone.
On the 4-hour chart, the BTC price has almost touched the upper end of a bearish flag. On the other hand, the current price movement formed a little bit of a bullish trendline, which is expected to provide support.
But if we look at the RSI indicator, it shows a bearish divergence signal which means that this short-term bullish trendline would eventually break.
So based on the technical indicators, there are mixed signals - Some are pointing toward a bullish move while others are pointing toward a bearish trend once again.
What do you think will happen in the BTC? Will it keep going lower or will start a new bullish trend and end this crypto winter?