Bitcoin Price Analysis: BTC Refreshes One-Week High above $23,400; Right Time To Buy?

Today’s Bitcoin price analysis implies a consolidation following the previous day’s impressive gains. The price opened lower and traveled to touch the intraday high of $23,455, which acted as a strong resistance for the price as it coincided with the critical 50-day moving average. BTC retrace mildly to the lows of $22,580 but recovered sharply, indicating the emergence of the buying impulse near the lower levels.

• BTC price consolidates near higher levels with limited price action.
• The bulls face a strong resistance near the 50-day moving average on the daily chart.
• A dip buying opportunity as the momentum oscillator remains mildly bullish.

As of publication, BTC/USD is exchanging hands at $23,114.97, down 0.12% for the day. The 24-hour trading volume rose 45% to $37,996,744,289.

BTC price attempts to regain momentum

On the daily chart, the Bitcoin price analysis shows that the price has been trading in ascending channel since. However, for the past few sessions consolidated near the higher levels. BTC formed a ‘Morning Star’ candlestick pattern near the lower trend line of the channel.

A daily candlestick above $23,200 would produce more gains in the asset. On moving higher, the price could test the upper trend line near $25,300.

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On the other hand, a shift in the bearish sentiment could drag the price lower toward $21,800.

The RSI(14) remains above the average line with a positive tilt. Any uptick would strengthen the bullish outlook.

The MACD oscillates above the mid-line with a rising histogram.

4-hour chart indicates consolidation

After giving a breakout out of the descending price channel, the BTC price is moving sideways with a positive bias. A long-legged Doji candlestick indicates indecision but the buying interest is near the lower levels.  The price could meet the highs of July 20 at $24,287.13.

Earlier, the BTC price appreciated 33% from the lows of $18,892.00 made on July 13. As the price moved inside the bearish channel strong support near $20,770 resulted in the recent bounce back.