By Nathan Ferguson
Bitcoin price outlook reveals recoveries from lower zones during today’s trading session. The world’s largest crypto bucked the 5-session of plummets with higher moves. Nevertheless, the beneath-average volumes show the marketplace requires additional conviction to ensure aggressive bids in BTC. Moreover, institutional buyers have reduced their participation in recent times.
A softer United States dollar plus mixed equities propelled Bitcoin’s upside. Nevertheless, the crypto retreated from the session’s peak, suggesting possible pressure or the need for heightened buying to sustain the current gains. Still, the 24hr price chart shows Bitcoin buyers would lead in the short term.
Vital Points
- Bitcoin price sees new upswings on Friday after consolidations.
- The price encounters resistance around the 50-day Exponential Moving Average, and a substantial break would translate to more gains.
- The momentum oscillator stays neutral and notifies aggressive BTC bids.
Will BTC Sustain Rebound
Bitcoin saw its price surging on Friday after the bellwether crypto overcame consolidations noted in the past few sessions. Bitcoin price endured corrective retreats each time it hit the swing peak since revival from the $18,892 lows. The same happened after BTC’s latest $24,666 swing high of 30 July, welcoming declines as the asset lost steam. Nevertheless, such retracement would allow healthy uptrends for the crypto.
While publishing this blog, Bitcoin traverses the resistance at $23.2K – $23.4K. The bellwether crypto should ensure a daily closing beyond this hurdle for extended upside momentum. That will likely see Bitcoin breaking the horizontal resistance at $24.2K before surging past the $25.5K mark.
24Hr Timeframe Reveals Extended Upside Signals
The green candle overlaying the previous (2) red candles shows BTC’s strength. Moreover, the price receives support from the critical 20- and 50-day Exponential Moving Average crossover. That confirms bullish tendencies in the BTC market.
Acceptable beyond $24.2K would clear the gates to $25.5K before Bitcoin hits $26K. Meanwhile, the Relative Strength Index (14) tries to cross beyond the average line while approaching the overbought region, reading 55. Also, the OBV consolidated with a bullish stance following price surges within the past day.
Meanwhile, violating the crucial support floor at around $22.6K would annul the bullish narrative for Bitcoin. That would see the crypto hitting $22.3K before rethinking the next move.
Stay tuned for the latest crypto news.