Bitcoin price has been facing some healthy consolidation after quite a significant bull run up to $9198 and it is now testing the 26-period EMA as a support line. The bulls have been able to bounce from it already as Bitcoin is currently trading at $8454 down from $8238 where the EMA is located at.
The RSI (Relative Strength Index) has cooled off and it’s currently at around 56 points. From this level, the bulls can definitely see a break of the high at $9198 but a daily equilibrium pattern seems more likely.
What Are the Shorter Time Frames Saying About Bitcoin Price
The hourly chart has clearly shifted in favor of the bulls with a 2% candlestick a few hours ago followed by a lot of continuation up to $8528. The EMAs have now crossed bullishly and the bulls will look at the 12-period EMA as the next support.
The 4-hour chart is still in a downtrend right now as the bulls would need to first set a higher low compared to $8238 and then establish a higher high. They are definitely on the right path though. Currently, they are struggling to break above the 12-period EMA, however, trading volume is in their favor right now.
Will Bitcoin Halving Push Bitcoin Price Above $20,000 Again?
Bitcoin Halving is perhaps the most important event for Bitcoin although it happens every few years. Most analysts and traders think the event will have a positive impact on Bitcoin, however, it’s not really clear if that will happen before, during or after the event.
It’s true that historically, halvings have been extremely positive for Bitcoin’s price although not always instantaneous. It’s important to remember that what sparked the recent Bitcoin mini bull run was the tension between the US and Iran and fears of a third world war.
Bitcoin is probably not going to reach $20,000 any time soon unless something dramatic happens. Bitcoin Halving could certainly help Bitcoin and we might see the digital asset break above $10,000 soon.
Conclusion
Bitcoin is currently quite strong, the short term is in favor of the bulls and the long term is also quite positive. Bitcoin’s halving could help the bulls but even without it, the future looks quite bright.
Most traders and analysts are waiting for Bitcoin’s monthly chart to finally confirm a higher low and continue with the uptrend that is already in place. If Bitcoin can convincingly change the weekly trend, the monthly higher low will be set and confirmed and Bitcoin’s price will probably be catapulted to the upside.
