- BTC price struggles at $23,000 as price fails to break above this key area despite rallying with over 40%
- BTC price hits greed according to the fear and greed index after suffering a downtrend of over one year
Bitcoin (BTC) has recently experienced less price action, rallying to a high of $23,700 before facing rejection to $23,000, and has since continued to move in a range as many wonders where the market could be headed next.
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BTC’s price has seen so much downtrend falling from a high of $69,700 to a region of $15,700; this saw the sentimental BTC fear and greed index indicator hit over ten months of fear as many investors and traders remain reluctant on the price movement of BTC and other well-known altcoins.
With the price of Bitcoin (BTC) rallying from a yearly low of $15,700, the sentiment gradually shifted from fear to greed, as the current price of BTC at $23,000 has been indicated after seeing a price rise of over 38% in a single month.
Bitcoin Four-Hourly (4H) Price Analysis
BTC’s price has continued to show strength, holding above $23,000 despite showing less price action in the 4H timeframe. The price continues to form what looks like a bullish flag with the chance of the price breaking to the upside of the chart.
If the price of BTC breaks out to a regional high of $24,500, there will be a high chance of a rally to a high of $25,000, where the price could face resistance to trend higher. If the price of BTC breaks this region of $25,000, we could see a rally to $28,000 and possibly $30,000.
With many speculations still on the price having a minor retracement, we could see the price of $21,000 to $20,500 acting as a good support region; if the price closes below $19,500, this invalidates any bullish price movement.
Major BTC Resistance – $25,000 – $28,000
Major BTC Support – $21,000 – $20,500
Image From FX, Chart From Tradingview
