Bitcoin Price Hits Six-Month High - Is There a June Imbalance of $25,600 on the Horizon? - InsideBitcoins.com

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Bitcoin price rose over 7% in the past 24 hours, briefly trading above $25,000 and touching a six-month high of $25,262 before settling back near the $24,000 mark. This was the first time that the digital currency had reached this level since August 2022. Is the bitcoin price continuing its bullish trend or is the rally over for the time being?

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BitcoinMagazine February 16, 2023

The rally, which appears to have stalled for the time being, came after the bitcoin price plunged 40% amid an FTX cryptocurrency market contagion that drove investors away from the market. Bitcoin and other digital assets then rebounded from their oversold positions in January, adding to the growing confidence in Bitcoin and the broader cryptocurrency market.

Bitcoin price was trading below $22,000 just a few days ago after a regulatory crackdown on the stablecoin. Investor confidence increased today, though, at least temporarily, as regulatory concerns appeared to have abated.

Bitcoin price prediction and technical analysis

Bitcoin price is now hovering around the breakeven point in the last 24 hours after the initial rally and is trading at $24,066 as of the time of writing. As the broader cryptocurrency market continues to hover above the $1 trillion market cap, bulls are eyeing immediate BTC resistance at $28,000 and hoping for support at $24,000.

The Moving Average Convergence Divergence (MACD) histogram indicates a continuation of the bullish market for Bitcoin. However, you would be wise to remain cautious due to the overbought market indicated by the RSI at 71.22. This indicates that there may be a possible correction in the near future.

The MACD histogram is showing positive momentum, with a significant increase from the previous day. The MACD histogram of the previous day was -132.12, while the current day is 20.19 which indicates that Bitcoin is gaining momentum.

The 20-day EMA is currently at $24,651, the 50-day EMA is at $21,347, and the 100-day EMA is at $20,346. With the price trading above all the important exponential moving averages, this indicates that the short to long-term trend is bullish and bitcoin price is likely to continue to gain momentum.

The trading volume for the last 24 hours is 29,551K, and the previous day’s volume was 32,068K. The moving average of volume is 19,753K, which indicates above-average trading volume for BTC.

In general, technical indicators indicate that Bitcoin is in a bull market. The positive momentum indicated by the MACD histogram and the presence of the short-term EMA above the long-term EMA is a positive sign for investors.

However, the overbought market indicated by the RSI indicates that investors should be careful and closely monitor the market and the price of Bitcoin. The immediate resistance for Bitcoin price is between $28,000 and $28,500 and potential support can be found at $24,000.

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