• Bitcoin (BTC/USD) continued to trade sideways early in the Asian session as the pair traded as high as the 25288.88 area before ceding some short-term gains and moving back below the 25000 figure.
• Upside price objectives related to buying pressure around the 16326.16 and 20333.33 areas include the 25455, 25774, 27609, and 28004 levels.
• Technical support levels and areas of potential buying pressure are around the 22944, 22717, 23171, 22236, 22201, 21523, 21514, 21416, 21366, and 20791 areas.

Current Price Activity

Bitcoin (BTC/USD) continued to trade sideways early in the Asian session as the pair traded as high as the 25288.88 area before ceding some short-term gains and moving back below the 25000 figure. Buying pressure recently emerged around the 23790.51 and 24363.19 levels which represent 38.2% and 23.6% retracements of recent appreciating range from 21366.45 to 25256.83 respectively. Traders lifted BTC/USD to its strongest print since August 2022 which tested an upside price objective related to historical buying pressure around 16326.16 and 20333.33 areas at a level of 25455 .

Upside Price Objectives

Upside price objectives related to buying pressure around 16326.16 include a range of levels from 25455 up until 28004 while those from historical buying pressure in 15460 area stretch from 26612 up till 29639 .

Technical Support Levels

Following recent move higher towards multi-month highs technical support levels have been established around 22944 , 22717 , 23171 , 22236 , 22201 , 21523 , 21514 , 21416 , 21366 & 20791 respectively with further stops being mentioned below 21047 , 20874 , 20724 & 20370 .

Technical Indicators

Traders are observing that 50 bar MA (4 hourly) is indicating bullishly above 100 bar MA (4 hourly) & 200 bar MA (4 hourly). Similarly 50 bar MA (hourly) is indicating bullishly above 100 bar MA (hourly) & 200 bar MA(hourly). Price activity is currently nearest 50 bar MA(4 hourly) at 2347959 & 50 bar MA(Hourly ) at 2462791 .

Conclusion

On 4 Hourly chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage while on 60 minute chart it’s same situation i-e SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage