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24 March 2023
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Bitcoin price analysis: Another bull trap or is BTC finally ready to cross $30,000 ?

Bitcoin price analysis turns highly bullish as prices are in the green
BTC/USD pair trades near $24,000 as bulls take the driving seat
The pair is likely to ride higher as buyers target $25,000 first and then $28,000

Bitcoin price analysis is basking in the green zone after weeks of crypto winter. The financial markets are processing the 75 basis points interest rate hike by the United States Federal Reserve. It seems that crypto market is also responding well to the expected rate hike as the BTC/USD has crossed $23k on the global rally. The positive vibes are reverberating throughout the crypto ecosystem as most coins and tokens are rising beyond their resistance points.

btc coin29
Source: Coin360

The BTC/USD is currently trading above $23,900 and is heading towards the psychological resistance at $25,000. The less aggressive interest rate hike is only going to help the financial markets as it tames down the inflation as well as keeps fears in check. So, is the BTC/USD winter over and Bitcoin ready for its next bull run?

Bitcoin price movement in the last 24 hours: BTC knocks on $25k door

Analysts may be divided over the bull-bear argument but the current BTC price is skyrocketing fast. As per Bitcoin price analysis, the current levels are inspiring for the bulls to create long-term positions as the technical indicators are all pointing towards more gains. Day traders may book profits which can bring down the prices slightly but will create more favorable entry positions.

btc usd 1d 29
Source: TradingView

The 20-day exponential moving average has been broken confidently in the current rally as the prices zoomed past the $21,378 mark. The symmetrical triangle pattern has been broken and the bulls are in control on the hourly charts according to Bitcoin price analysis. The rising price channel is also reflected on the daily charts as the pair broke past the central Bollinger Band to reach higher towards $24,000 level.

The range-bound pattern has been sufficiently broken as suggested by the rising RSI on the daily timeframe. The nearby resistance lies at $24,300 while the support lies at $22,800 level. If the pair zooms past $24,500, then the bulls are likely to bring in massive volumes to cross $25,000 level for a fresh up-move as per Bitcoin price analysis.

BTC/USD 4-hour price chart: Bulls firmly in the driving seat

The bull trap phenomenon is not in sight as the buyers are in full control on the hourly charts. Bitcoin price analysis shows that the bulls retraced mildly towards $22,800 but the buyers jumped in quick to take the price above $23,000. There may be profit booking near the lower levels as well. The price action is not fiercely upwards but it is not limited either as all technical indicators are in the green zone.

btc usd 4h 29
Source: TradingView

A dip buying opportunity may emerge near $23,000 retracement as per the momentum oscillator. The RSI has crossed 70 mark on the hourly charts which is sure to inspire more buyers. The MACD indicator shows a successful cross over. So, far the bullish rally is well intact and if the buyers are able to close the day above $24,000, institutional investors and whales may also jump in on the trend.

Bitcoin price analysis conclusion: is Bitcoin ready to shock the bears?

The price of BTC/USD has risen by 18% in the past three days which is a relief for the crypto world. The king of cryptocurrencies now aims for $25,000. The uptrend can prove challenging for the bulls as short-sellers are waiting near $25,000 psychological level.

If bullish scenario is considered, BTC can jump towards $30,000 as most technical indicators on the daily charts are yet to turn overly green. Bitcoin price analysis is known to be highly irrational and the current trend can soon skyrocket into the same zone.

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