The Bitcoin price has broken the critical resistance range. At the time of writing this article, the Bitcoin price is sitting at $23121.57 putting $50K price mark in play. Let’s take a look at it in more detail.
Bitcoin Price Analysis: BTC Price Successfully Touched Our Target Range
BTC/USD Daily chart – TradingView
In our previous Bitcoin price analysis, we had mentioned that the BTC/USD daily price chart was displaying promising behavior. 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. We had also mentioned that on the daily chart, the 12-EMA was way under the current price and bulls were in the commanding position.
Now, as per our daily price chart, the next possible resistance level could be at $24097. Above that, the next notable price spot is $26158, a significant psychological resistance level. Nevertheless, it looks that Bitcoin price is meeting very little resistance to the upside and it is on the path of $50K 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: The Hourly Chart
BTC/USD Hourly chart – TradingView
On the hourly chart, all the EMA’s are way under the current price and bulls appear to be in the dominant position. 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 above the cloud and it is climbing in the same direction as the current Bitcoin price and it could soon touch the $24000 mark.
Conclusion
Exchange heatmaps display no noticeable resistance levels and fields with great sell bulks greater than $22,000. In the short term, this indicates the possibility of BTC extending its price rally is high. Recognizing that Bitcoin price has surged despite growing whale deposits, BTC can still see a good price rally toward $30,000 and then it will be on the path of touching 50K.