Bitcoin Is About To Break Out And Challenge $24000

Bitcoin (BTC) is on the verge of breaking through the $24,000 level.

Bitcoin price long-term forecast: bullish

The digital currency asset has broken above resistance but was rejected at a high of $24,358. The BTC price surpassed the recent high for the first time, but buyers were unable to sustain the upward momentum. Today, the BTC price resumed its uptrend after falling back above the $23,800 support. In order to maintain the upward momentum and keep the price above $24,000, buyers will try to do so. If the buyers are successful, Bitcoin will rise to its previous highs. The next hurdle for the cryptocurrency is $25,212. The uptrend will eventually reach the psychological price threshold of $30,000. On the other hand, if buyers fail to keep the price above the high of $24,000, the upside scenario will be discredited. The BTC price will gradually fall back to its previous lows.

Bitcoin indicator display

After falling back to the 74 level of the Relative Strength Index for the 14 period, the Bitcoin price has moved back up. As Bitcoin moves back up, the bullish momentum has begun. Although the market is overbought, Bitcoin remains unaffected. The price bars that are above the moving average lines indicate the uptrend of the cryptocurrency. The daily stochastic shows that the cryptocurrency is in a bullish momentum above level 75.

Technical indicators:

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD?

Given that the price has retreated above the $23,800 support, Bitcoin is still in an uptrend. The BTC price broke through the barrier today, but then fell back. The price movement indicates that there is selling pressure at a higher price level, as shown by the long wick of the candle. Once this level is broken, the upward momentum will increase again.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.