Bitcoin Price Trades A Little Over $24,000, Can It Target $27,000?

Bitcoin’s price climbed above $24,000 after it fell to $25,000 just a few trading session ago.

Bitcoin saw a gain of 6% in the past week and a decline of 1% on the daily charts. It was a signal of consolidation.

High highs and lows in Bitcoin prices are indicators of bullishness.

If the king coins manages to stay above $24,000 for an extended period, they can target $27,000 in the next trading session.

If the momentum of the currency is lost, it could fall as low as $23,000. Technical outlook for the king coin pointed towards the continued bullishness which meant that buying strength hadn’t faded away from the market.

To maintain the current momentum in Bitcoin’s price, it will be necessary to continue buying.

With a current market capitalization of $1.2 Trillion, there was a global cryptocurrency market today. 1.6%The last 24 hour saw a drop in bitcoin. Bitcoin’s steady buying power will make it difficult to resist the $27,000 mark.

The One-Day Chart: Bitcoin Price Analysis

Bitcoin price
The price of Bitcoin on the 1 day chart was $24,100| Source: BTCUSD on TradingView

BTC trades at $24,100 as of the writing. The coin’s price has risen over the last week. Bitcoin’s price has moved laterally over the last 24 hours. If the cryptocurrency trades at or above the 23.6% mark, it could move as high as 38.2%.

The overhead resistance level was therefore at $27,000 Bitcoin may fall to $23,000, and $20,000 respectively, if there is a retracement. The amount of BTC that was traded in the previous trading session was red, which means that the buying power experienced a decrease.

Technical Analysis

Bitcoin price
Source: BTCUSD on TradingView| Source: BTCUSD on TradingView

The lateral movement in Bitcoin’s chart had indicated fall in buying strength on the king coin’s chart. Technical outlook was not affected by the consolidation. The Relative Strength Index showed a slight decline in purchasing strength. However, RSI was still well above its half-line.

If the reading is higher than the halfway line, it means that there are more buyers than sellers. Bitcoin prices traded above the 20 SMA line. Trading above that was an indication that BTC’s buyers were driving the price momentum in the market. BTC also had demand at its chart, even though it traded lower.

Bitcoin price
Bitcoin signaled buy on the 1 day chart. Source: BTCUSD tradingview| Source: BTCUSD on TradingView

Other technical indicators showed the rise in prices. Moving Average Convergence Divergence indicates the price momentum at the moment and potential reversals. MACD following a bullish crossover led to green histograms higher than the half-line, which was a buy signal for the coin.

Chaikin Money Flow displays the capital outflows and inflows. CMF fell below the halfway mark, indicating capital inflows that were lower than outflows.


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