Today, the battle for the resistance zone at $24,000 is central to the bitcoin (BTC) price. As of this morning, the bulls fighting to conquer this price zone, something they have been trying to do since the end of July. How is the price at the moment? You can read it in this bitcoin market update.
Bitcoin price cannot continue immediately
Starting with the bitcoin price chart. We see a rise that accelerated quite a bit last night. But as expected, BTC is meeting resistance near USD 24,000. In this price area, traders seem to be taking some profits with the result that the price cannot immediately continue upwards for the time being. The increasing trading volume clearly shows that it is a hard-fought price zone where both the bears when bulls try to get the upper hand.
This brings the current bitcoin price on Coinbase to $23,958. On the Dutch crypto exchange Bitvavo, the BTC price in euros at the time of writing is €23,440, more than 3% higher than 24 hours ago. Further rejection could see support near $23,200. Here we find the 50-moving average (MA) on the 4-hour chart and a rising trendline that BTC formed over the past month.
Analyst expects stocks to rise, will bitcoin follow?
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Bitcoin is therefore currently encountering resistance. Still, analyst TechDev is confident it won’t be long before we see a further rise. He bases himself on the traditional markets, where he expects “the steepest rise in the last 40 years”.
“When stocks go, bitcoin goes. And I expect the steepest rise in stock prices in the past 40 years to continue into 2023. After that, potentially a big test for Bitcoin and crypto. My opinion of course.”
When equities run, #Bitcoin run.
And I expect the steepest equities leg of the last 40 years to run into 2023.
After that, potentially a big test for #Bitcoin and #crypto.
My opinion of course. pic.twitter.com/b9q3kJ87Y9
— TechDev (@TechDev_52) August 8, 2022
The analyst seems to be basing his forecast mainly on the Fibonnaci indicator and past price performance. Of course, it always applies that results achieved in the past are no guarantee for the future. Nevertheless, it is an interesting scenario to keep a close eye on.