After maintaining a $23,000 price level since the start of August, the world’s first currency, Bitcoin price had surpassed the said level and reclaimed $24,000 yesterday. However, the currency couldnt hold on to that for long and tumbled down to $23,000 range.
At the time of publication, Bitcoin is selling at $23,893 with a surge of 2.10% over the last 24hrs.
It is observed that Bitcoin was rejected during the four-hour supply zone when the price made an attempt to extend from $23,932 to $24,722. Also the flagship currency is very near to retesting $24,655, making this a tough one to surpass.
Additionally, the asset has also created a top reversal pattern or triple tap which poses a threat for a pull back movement in the days to come. Next there are many inefficiencies and liquidity pointing towards a downfall which needs to be validated.
Bitcoin Price To Reclaim $24,500 level?
Hence, investors and traders might expect Bitcoin price to yet again make a climb towards $24,655 which points for a sell signal. If the King currency fails to do so, the price will retrace at the four-hour fair value gap and hit a downward target of $21,430.
Further it is possible that Bitcoin will tumble down even further and land at $20,750 collecting the sell-side liquidity.
Market participants and whales are expected to attack these targets, and BTC is expected to create a bottom here. In a highly bearish scenario, Bitcoin price might breach the level low of $17,579 and drop to $13,000, at which a macro bottom might develop.
However, things might reverse for Bitcoin price if BTC decides to close the daily candlestick above $24,655 turning the area as support level, the bears could lose their complete control. If this has to happen, then the bull could push the price retesting the area between $28,000 and $29,000.
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