Bitcoin Recovers After A Strong Rally To $23,962

Bitcoin (BTC) price has maintained its uptrend and is rising above the $23,000 level again.

Bitcoin price long-term forecast: bullish

On January 29 this year, Bitcoin reached a high of $23,962. This is the highest price level as it is above the $23,000 support. The cryptocurrency asset is currently trading below the $24,000 resistance level, indicating a minor retracement. For a possible breakout, it is consolidating above the $23,500 support. If the price recovers above the current support level, it will rise above the resistance level of $24,000. The uptrend will then accelerate to a high of $25,212. However, Bitcoin is still trading in an overbought market. Bitcoin will fall and settle between $23,000 and $24,000, where current resistance still exists.

Bitcoin indicator display

The Bitcoin market has made significant gains and has reached an overbought area. The Relative Strength Index for the 14 period is at 83. In the overbought area, sellers could emerge and drive the price down. The moving average lines are above the price bars, indicating that the price of the cryptocurrency continues to rise. Bitcoin is experiencing bearish momentum below the daily stochastic level of 80.

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?

Bitcoin is currently retesting the $24,000 resistance level and is in an uptrend. After being rejected at the recent high, the bitcoin price is now on the retreat. If the price finds support above $23,000, the upside will resume. Selling pressure will increase on the downside if the bears break the $23,000 support.

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.