Bitcoin Bulls Gearing Up: BTC Price Poised for Another Push Higher

• Bitcoin’s recent rally has improved the overall sentiment among market participants.
• The $25K price region has been the most significant barrier in Bitcoin’s path during the last eight months.
• After an impulsive surge, a correction phase is essential for the continuation of the rally and typically, the price tends to grab sell-stop orders below support levels during the correction stages of a bullish rally before continuing its uptrend.

Bitcoin Dipped Below $22K But Bulls Might Be Preparing Another Push Higher

Overview

Bitcoin recently experienced a major rally that improved the overall sentiment among market participants. Unfortunately, BTC failed to surpass $25K and dropped slightly. Nevertheless, this could be seen as an opportunity for another push higher as Bitcoin typically grabs sell-stop orders below support levels during its correction stages.

Analysis on Daily Chart

The $25K level has been a major resistance in BTC’s path over the past eight months. After attempting to break this level and failing, we saw a consolidation period followed by an impulsive surge and now, a correction phase taking place with pullbacks being formed. The primary support levels here are around $21K while 50-day moving average sits at around $20.3K which could be considered next targets for BTC’s decline from current prices.

Analysis on 4-Hour Chart

On 4-hour timeframe, we see that after being rejected from $25K resistance region, there was bearish leg initiated and BTC grabbed sell-stop orders below minor support level at around $22.3K before potentially continuing its uptrend in future again.

Conclusion

Overall it is clear that Bitcoin’s recent dip may have presented itself as an opportunity for bulls to initiate another push higher soon enough given how corrections are usually followed by rallies after all – if history is anything to go by of course!

References

Source: TradingView