Crypto Technical Analysis: Bitcoin Price Shows Strong Bullish Momentum

The Bitcoin price is currently trading in a rising wedge pattern but experts believe a correction in Bitcoin price before a proper bull run.

The leading cryptocurrency, Bitcoin (BTC), appears to be hanging between the $42,000 and $43,000 level, with a total trading volume of $19.58 billion in the last 24 hours. Regarding the day’s highs and lows at the time of crypto technical analysis, Bitcoin previously reached a high of $43,436 and a low of $41,945. Furthermore, the Bitcoin price increased by 2.29% on the last day, maintaining its 7.19% growth rate from the previous week. 

To gain a better grasp of the Bitcoin price movement, we need to look at the 1D, 4H, and 1H timeframes. So, let us get started with the crypto technical analysis!

Crypto Technical Analysis: Bitcoin Price in 1D Timeframe

Looking at the 1D timeframe, the Bitcoin price is currently trading in a rising wedge pattern but experts believe a correction in Bitcoin price before a proper bull run. In the current scenario, the Bitcoin price is facing heavy resistance at the price level of $45,000 & $47,200. However, experts are talking about a correction between the heavy support levels of $41,300 & $39,500

Crypto Technical Analysis Bitcoin Price

Talking about the RSI, the Relative Strength Index (RSI) is currently trading at 67.31, indicating strong overbought sentiments, which are deemed above the 70 mark. In addition, the MACD indicator is showing strong bullish sentiments for a short interval of time. Meanwhile, since the start of January 204, the token has shown a growth of more than 1.4%, indicating that it might follow last year’s price trend. 

Crypto Technical Analysis: Bitcoin Price Trend in 4H & 1H Timeframes

Bitcoin Technical Analysis

In the 4H timeframe, the Bitcoin price looks steady and strong, showing strong bullish sentiments. Talking about the major resistance and support levels, the token is currently facing strong resistance at $44,500 and $47,200, with support at $42,000 and 41,500. In addition, looking at the Ichimoku Cloud, the price of Bitcoin looks bullish, trading above the Senkou A & Senkou B.

Bitcoin price prediction

In the 1-hour timeframe, the Bitcoin price is trading in a descending triangle pattern, indicating a sharp correction in the coming hours. The token is currently facing strong resistance at the price levels of $43,900 and $43,500. In contrast, the token has significant support at $42,700, $42,100, and $41,900.  This means that investors should proceed with caution when entering the market.

Conclusion: Bitcoin Price Prediction 2025

Predicting the price of any asset is impossible, but given the potential forces influencing Bitcoin, it is reasonable to expect that this year and 2025 will be bullish years for the Bitcoin market. Several on-chain analysts projected that the Bitcoin price will rise past $80,000, and some believe it will exceed $100,000. 

However, we must monitor the influence of Bitcoin halving, which could occur in April 2024 or early May 2024, on crypto miners and inventors. Aside from that, the US SEC is currently halting the interest rate hike, but if interest rates are raised again in the future, the price of Bitcoin may be greatly affected. 

Based on the previous year’s growth pace, it is possible that Bitcoin will set a new all-time high in the future. However, this is merely a prediction; thus, do your own research before investing in any such crypto assets.

To check more crypto technical analysis, go check out SunCrypto Academy.

 

Disclaimer: Please keep in mind that the information in this article is not meant to be financial or investment advice. The material in this article is offered solely for educational purposes and should not be considered trading or investment advice. This information is not guaranteed to be complete, reliable, or accurate. The cryptocurrency market is highly volatile, with occasional random changes. Before making an investment, any investor, trader, or everyday crypto user should consider multiple viewpoints and be aware of all local laws and regulations.

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