Bitcoin Price Trades A Little Over $24,000, Can It Target $27,000?

Bitcoin price peeped above the $24,000 price level after falling from the $25,000 mark few trading sessions ago.

Over the past week Bitcoin secured a 6% gain and on the daily chart the coin fell by 1%. This had pointed towards a sign of consolidation.

Bitcoin price had formed higher highs and high lows which are an indication of bullishness on the chart.

Incase the king coin manages to remain above the $24,000 mark for a substantial period of time, it can aim at $27,000 over the upcoming trading sessions.

In case the coin loses momentum, it can fall to $23,000 level. Technical outlook for the king coin pointed towards the continued bullishness which meant that buying strength hadn’t faded away from the market.

For Bitcoin price to hold onto present price momentum, a continued buying strength will prove necessary.

The global cryptocurrency market cap today was at $1.2 Trillion, with a 1.6% fall in last 24 hours. With consistent buying strength, Bitcoin will experience a tough resistance at the $27,000 level.

Bitcoin Price Analysis: One Day Chart
Bitcoin was priced at $24,100 on the one day chart Source: BTCUSD on TradingView

BTC was trading at $24,100 at the time of writing. Over the past week, the coin had witnessed price appreciation. In the past 24 hours, Bitcoin price moved laterally. According to the Fibonacci levels, if the coin manages to trade above the 23.6% level, a move to 38.2% could be possible.

This meant that overhead resistance level stood at $27,000. A retracement could cause Bitcoin to fall to $23,000 and then to $20,000 respectively. Over the last trading session, the amount of BTC traded was in red which meant that buying strength noted a downtick.

Technical Analysis

Bitcoin displayed positive buying strength on the one day chart