Bitcoin Price Trades A Little Over $24,000, Can It Target $27,000?

Bitcoin price skidded above the $24,000 price level after dropping from $25,000 a few trading sessions ago.

Over the past week Bitcoin has gained 6% and on the daily chart the coin is down 1%. This was indicated as a sign of monotheism.

Bitcoin price formed higher higher highs and lower higher highs which indicates an upward trend on the chart.

If the royal coin can stay above the $24,000 mark for an extended period of time, it could target $27,000 over the upcoming trading sessions.

If the currency loses momentum, it could drop to the $23,000 level. The technical outlook for the King coin indicated a continuation of the bullish trend which means that the buying power has not faded away from the market.

For bitcoin price to hold on to the current price momentum, continued buying power will be necessary.

Today, the global cryptocurrency market cap has reached $1.2 trillion, with 1.6% Fall in the last 24 hours. With continued buying power, Bitcoin will face heavy resistance at the $27,000 level.

Bitcoin Price Analysis: 1 Day Chart

Bitcoin price
Bitcoin is priced at $24,100 on the 1-day chart | source: BTCUSD on TradingView

BTC was trading at $24,100 at the time of writing. Over the past week, the currency has seen an increase in prices. In the past 24 hours, the price of Bitcoin has moved sideways. According to the Fibonacci levels, if the currency can trade above the 23.6% level, a move to 38.2% may be possible.

This means that the upper resistance level is at $27,000. A bounce could cause bitcoin to drop to $23,000 and then to $20,000, respectively. During the last trading session, the amount of BTC traded was in the red which means that buying power has noticed a decrease.

Technical Analysis

Bitcoin price
Bitcoin showed positive buying power on the intraday chart | source: BTCUSD on TradingView

The sideways movement in the bitcoin chart indicated a decrease in buying power on the coin king chart. Monotheism did not have a significant impact on the artistic image. The RSI posted a slight dip in buying power, though, and the RSI was well above half of the line.

A reading above the half line is an indication that there are more buyers than sellers of the coin. Bitcoin price traded above the 20-SMA line. The trading above was an indication that Bitcoin buyers were driving the price momentum in the market. This also means that at the lower levels as well, there was demand for BTC on its chart.

Bitcoin price
Bitcoin Shows Buy Signal On 1 Day Chart | source: BTCUSD on TradingView

The price rally is depicted on another technical indicator. Moving average convergence divergence indicates current price momentum and reversals at the same time. The MACD after the bullish cross cross brought the green histograms above the half line which was a buy signal for the currency.

Chaikin Money Flow reads capital inflows and outflows on a chart. Even with other bullish indicators, the CMF was less than half the line indicating that capital inflows were lower than outflows at press time.

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