Bitcoin Price Touched $23,300, Will The Bearish Thesis Be Invalidated?
- 04 Aug 2022
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Bitcoin price has managed to power through and retain its momentum above the $23,000 mark. Over the past week, the coin displayed bullish momentum. In the last 24 hours, Bitcoin showed minor appreciation, however, it has remained steady above its local support level. Technical outlook of the king coin also suggested that the bulls have taken control. If Bitcoin price manages to move past the $24,000 price mark and trade there for a considerable period of time, then the bulls could garner further strength. The cryptocurrency has struggled to remain above the $24,000 price level for a long time. Buyers also came back into the market and that helped Bitcoin to continue its bullish thesis. There is however always a possibility that Bitcoin might retrace back on its chart if it trades below the $24,000 mark for long enough. In that case, BTC might find support in between $22,000 and $21,000 over the next trading sessions. Bitcoin Price Analysis: Four Hour Chart BTC was trading for $23,300 at the time of writing. In the last week Bitcoin price registered close to 11% hike which helped buyers re-enter the market. As soon as demand rose, Bitcoin price also displayed appreciation. The current price action could also be termed as a relief, this is because the moment Bitcoin price hit the $24,000 mark, the coin retraced on its chart. Overhead resistance for BTC stood at $24,000, a push above which will ensure that BTC touches the next pr...