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FX.co ★ Bitcoin halts its rally, but bullish bias intact above 23,438

Bitcoin halts its rally, but bullish bias intact above 23,438

Bitcoin was trading in the red at 23,736 on the H4 at the time of writing. The price climbed as much as 24,445 where it has found resistance. In the short term, it could come back to test and retest the near-term support levels before jumping higher.

In the last 24 hours, BTC/USD is down by 1.16% but it's still up by 3.47% in the last 7 days. Technically, after its amazing rally, a minor retreat or an accumulation is natural.

BTC/USD Attracts More Buyers!

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Bitcoin halts its rally, but bullish bias intact above 23,438

BTC/USD extended its growth and now is located above the upper median line (uml) which represented an upside obstacle. Stabilizing above this broken dynamic resistance may announce further growth.

The 24,280 former high represents a static resistance. Also, the R1 (24,331) stands as an upside obstacle. The bias is bullish as long as it stays above the 23,438 today's low.

BTC/USD Outlook!

Making a valid breakout above 24,280 could activate more gains and could bring long opportunities with a first upside target at 25,401.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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