Bitcoin price faces rejection near the swing high of $24,287.13 made on Wednesday. The recent price action indicates a shift in the bearish sentiment owing to the broader crypto market recovery.
- BTC price extends the consolidating for the third straight day.
- The price spot renewed strength after briefly dipping towards $22,000.
- A retest of the critical support-turned resistance level strengthens the bullish view further.
BTC price waits for upside confirmation
On the daily chart, the BTC has been consolidating in a short-term trading range. The price faces rejection near the $22,490 mark twice. On July 18, the price finally break the range and tested a one-month high at around $24,290 on Wednesday.
However, the price stuck near the higher level. As the bullish momentum slows down with the formation of multiple Doji candlesticks.
To continue with the upside move, BTC must breach the critical 50-day EMA at $23,377. The asset depreciated nearly 60% when the price broke below the moving average at $43,908.
On the hourly time frame, the BTC is trading in a rising channel, making higher highs and higher lows. The previous swing high is placed at $24,250, which will act as a resistance in the short term. If the bulls managed to break this level then we can expect another leg-up with the first target of $25,000.
On the flip side, a weekly close below Thursday’s low of $22,340 would invalidate the bullish outlook for the asset.
The daily RSI hovers near the overbought zone, which indicates retracement. Any uptick in the indicator would support the bullish bias. It reads at 57.
As of publication time, BTC/USD is exchanging hands at $23,011, down 0.55% for the day. The largest cryptocurrency by market cap 24-hour trading volume stands at $31,082,710,865 according to Coinmarketcap.
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