Bitcoin Pauses Over $24,000 In Preparation For Possible Bounce

Feb 20, 2023 at 10:15 // Price
Coin Idol
Bitcoin price is currently hovering just above the support level

Bitcoin (BTC) price continues to rise despite having failed twice at the $25,000 level.

Bitcoin price long-term forecast: bullish

During the first rejection, Bitcoin reached a high of $25,234. In the following 48 hours, buyers managed to keep the price above the resistance level, but selling pressure occurred near the peak of $25,209. Nevertheless, the largest cryptocurrency had already reached the resistance level on August 15, 2022. Buyers failed to keep the price above the resistance level during the previous price action. However, there is still a chance for a rise once the bull market resumes. In order to regain the upward momentum, the bitcoin price must first overcome another barrier at $25,000. If this hurdle is cleared, Bitcoin is expected to reach the psychological price level of $30,000. At the time of writing, the cryptocurrency is trading at $24,495.

Bitcoin indicator display

At a level of 63 on the Relative Strength Index for period 14, Bitcoin is now trading in the up zone. The cryptocurrency's price bars have crossed the moving average lines, signaling further growth for the asset. Above the daily stochastic value of 40, Bitcoin is moving in a bullish direction. The bullish momentum has slowed down.

BTCUSD(Daily Chart) - February 20.23.jpg

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?

The most valuable cryptocurrency is currently trading above the $24,000 support but below the $25,000 level. The cryptocurrency price is currently hovering just above the support level. On the lower timeline, there is a chance of a sideways movement between the moving average lines if the BTC price falls below the 21-day line SMA.

BTCUSD(4 Hour Chart) - February 20.23.jpg

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.

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