• Bitcoin has seen many bullish signals over the past week, but is facing resistance at $24K.
• The 50-day moving average has crossed the 100-day moving average, indicating a possible bull run if the resistance is broken.
• The 4-hour chart shows two crucial resistance levels of $24K and $25K. The price is fluctuating around the $23K region.
Overview
In this article, we discuss how Bitcoin has been rejected at the significant resistance level of $24K, even though there have been many bullish on-chain and technical signals in the past week. We analyze whether it could be just a bull trap or an indication of a larger bull run ahead.
Technical Analysis
On the daily chart, Bitcoin’s uptrend has been halted by its psychological resistance level of $24K. This indicates that there is a battle between bulls and bears happening at this key level which will decide the mid-term direction of BTC’s price movement. Furthermore, the 50-day moving average has recently crossed above the 100-day moving average at around $18.7K which is a definite bullish sign for Bitcoin’s price action in terms of price action. Additionally, BTC exceeded its long-term descending trendline but with an insufficient momentum to rule out any fake breakout scenarios.
Resistance Levels
The 4-hour chart reveals two important resistance levels; $24K and $25K respectively. At present, Bitcoin’s value is fluctuating around the $23K area as it struggles to break through these barriers in order to initiate a larger bull market rally ahead in time.
Conclusion
Overall, although there are multiple bullish indications suggesting that we could be entering into a new bull cycle for BTC’s prices soon enough, only time will tell if these predictions become true or not as it depends on whether or not it can overcome its current strong resistances levels and find stability above them before more progress can be made towards higher prices again in future days ahead once again like before in late 2020/early 2021 again when it first reached these high numbers last year ever since then too also previously right now currently already today already still so far now too as well.,
