Bitcoin Price is displaying steady performance now. At the time of writing this, the BTC price is sitting at $23,259.
The weekend volatility in the cryptocurrency market is becoming an extremely anticipated event, where essentially the price of Bitcoin and other Top 10 coins show growth in prices or drop pointedly back to resistance levels. Now, on the 19th of December 2020, Bitcoin touched the USD 24,000 price limit for a short period of only 2 hours, before returning to USD 23,000. Now, the important question is: Will the Bitcoin price hit $25,000 before 2021? Let’s take a look at it in more detail.
Bitcoin Price Analysis: BTC Price and the 4 Hr Chart
BTC/USD 4 Hr chart – TradingView
Yes, as Bitcoin hits new all-time highs, volatility is assumed to rise. We have witnessed some notable price heads to the upside and the downside in the past 2-3 days. The short-term price movement of Bitcoin is remarkably volatile and almost difficult to predict.
Now, if we closely observe the BTC/USD price 4Hr chart then it looks promising. The next possible resistance level could be at $24300. Above that, the next notable price spot is $26127.84. Nevertheless, it looks that Bitcoin price is facing very little resistance to the upside and it is on the path of $30K mark. Now, it seems that odds support the bulls in the short and long-terms. Most technical indicators are already massively bullish on virtually all time-frames.
Bitcoin Price Analysis: BTC Price And The Hourly Chart
BTC/USD Hourly chart – TradingView
On the hourly chart, all the EMA’s are not under the current price. If we closely observe the Ichimoku Cloud indicator, then when the price is below the cloud the trend is down. When the price is above the cloud the trend is up. At the moment, the cloud is slightly above the cloud and it is moving in the same direction as the current Bitcoin price and it could soon touch the $24000 mark in the next few days.
Bitcoin Price Analysis: BTC Price And The Daily Chart
BTC/USD Daily chart – TradingView
The BTC/USD daily price chart is displaying mixed behavior. As mentioned in our earlier analysis, the only resistance that bulls were facing was the all-time high at $19,888. Trading volume had already started falling again, which indicated that BTC was ready for another breakout or breakdown. Now, it appears that odds support the bulls in the short and long-terms.
On the daily chart, all the EMAs are way under the current price and bulls seem to be in the commanding position. The next possible resistance level could be at $24300. Above that, the next notable price spot is $28152. Nevertheless, it looks that Bitcoin price is meeting very little resistance to the upside and it could touch the $30000 mark.
But again, if we closely observe the Ichimoku Cloud indicator, then when the price is below the cloud the trend is down. When the price is above the cloud the trend is up. At the moment, the cloud is way below the current price and it is moving slightly away from the direction of the current Bitcoin price and this could be telling us that the Bitcoin price will display fluctuations in the coming days.