Bitcoin(BTC) Price Analysis: These May be the Price Targets for the Weekend

Bitcoin(BTC) pierce at the press time is trading around $23,088.04 with a drop of 1.82% in the past 24 hours. While the asset has recorded marginal gains in the past 7 days of 0.24% and surged more than 17.93% in the past 30 days. The market cap is also heading strongly towards $450 billion, currently residing at $441.25 billion with a daily trading volume of $24.36 billion.

Bitcoin (BTC) Price Analysis

• BTC price ever since dropped hard during the mid-June rebounded and trading within ascending parallel channel

• The asset experienced a couple of rejections, in attempting to breakout form the parallel consolidation

• However, the asset appears to have halted just before reaching the middle bands of the channel and hence may flip and reach the resistance close to $25,000 until the weekend

• As the price reaches close to these levels, the fear of rejection may haunt the rally and hence if the bulls maintain their stability, then the asset may bounce back after a brief pullback

• Therfore, by the end of the week, the BTC price is expected to surge beyond the local highs at $24,600

Bitcoin (BTC) Technical Analysis

Technical Indicators

Technical Indicators	Value(STF/HTF)	Action (STF/HTF)
Relative Strength Index(RSI)	44.18 / 53.38	Sell / Neutral
MACD	-47.10 / 515.6	Sell / Buy
Average Directional Index(ADX)	33.79 / 18.45	Buy / Neutral
Average True Value(ATR)	158.79 / 1009.29	Less Volatility / Less Volatility
Bull-Bear Power	31.33 / 421.20	Buy / Buy

Pivotal Levels

Pivotal Levels	Short Term	Long Term
Resistance	$23,547.12	$24,206
Support	$22,682.42	$20,691
Moving Average(MA)-50	$23,804.9	$21,343.3
Moving Average(MA)-200	$23,303.3	$33,657.8

Bitcoin’s (BTC) price is extremely bearish in the short term as most of the indicators are pointing towards a ‘Sell’ signal. However, the asset is expected to stabalize in the next couple of weeks as the long-term projections display a neutral behaviour.