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- Bitcoin is currently in a critical support zone and has the potential to continue its upward movement as long as it stays above the $24,600 level.
- It is observed that the price is moving above the $26,400 resistance.
- In the coming days, there is a possibility of a pullback to the $25,871 level for Bitcoin, but this is not a mandatory condition.
When examining the Bitcoin price chart, it can be seen that the price has made a strong upward movement from the support zone and reached the $26,839 level. Bitcoin can continue its upward trend as long as it stays above the $24,600 level.
Medium-Term Bitcoin Price Analysis
Daily BTC/USD Price Chart
When examining the daily BTC/USD price chart, it can be seen that it has experienced a 7.50% increase from the previously mentioned support zone and reached the $26,839 level.
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We have previously mentioned in our analysis articles that Bitcoin is in a critical support zone and will initiate an upward movement as long as it stays above the $24,600 level.
At the time of writing, the Bitcoin price is continuing its movements above the $26,400 resistance. Bitcoin is currently moving at around $26,613.
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Will Bitcoin Continue to Rise?
When looking at the technical chart of Bitcoin, it can be observed that there is a possibility of a pullback to the $25,871 level in the coming days. However, this pullback is not a mandatory condition.
If investors who bought Bitcoin at around $25,000 want to realize their profits, the price can pull back to around $25,871.
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In order for Bitcoin to fully enter the upward trend, we need to see daily closes above the $27,300 level.
Daily closes above the $27,300 level will enable Bitcoin to target the $30,000 level.
Short-Term Bitcoin Price Analysis
4-hour BTC/USD Price Chart
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When examining the 4-hour technical chart of Bitcoin, it can be observed that the price is moving near an important resistance zone.
If the BTC price closes above the previously mentioned $26,900 level on a 4-hour basis, it can continue its upward trend.
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However, if the BTC price fails to surpass the $26,900 resistance, it has the potential to make a price movement as indicated in the above chart.
A possible scenario in the Bitcoin price is a rise after a drop to around $25,800. As long as the Bitcoin price continues to close above the $25,800 level, the $27,300 level can be considered as a target.
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