Bitcoin Price Analysis: Is $26,000 Possible As BTC Renewed Weekly Highs?

Bitcoin price analysis indicates a bullish biasness for today. The BTC/USD pair opened the session on a muted note but recovered quickly to refresh the weekly highs of $24,192 made on July 31. As notified by the formation of a green candlestick, the sustained buying pressures motivate bulls further to leap $26,000 amid broader crypto market recovery.

• Bitcoin price started the new week with a bullish outlook.
• Bulls aim for an upside target toward $26,000, forming a rising channel pattern on the daily chart.
• A daily close below $23,200 would invalidate a bullish outlook in bitcoin price.

As of press time, BTC/USD is trading at $24,148, up 4.20% for the day. The 24-hour trading volume of the largest cryptocurrency held at $22,693,779,896 with more than 50% gains. A rise in price along with rising volume is a bullish sign.

Bitcoin Price Moves North.

BTC’s price is currently trading at $24,100. The tables have finally turned BTC after an extended range of minor retracements from July 29 to Aug 04, finally gave a turnaround, and the price started to move back up again, with good volumes. 

The daily chart shows that the Bitcoin price is trading in a rising channel, making higher highs and lows. On July 28, the BTC  gave closing above $23,850. After that, the price failed to sustain above that level, & faces price rejection. This also coincides with the resistance of a 50% Fibonacci retracement. 

Today, the Bitcoin price is making a bullish green candle, with a higher probability of closing above $23,850. If that happens, then we can predict the price to test its “rising channel pattern” resistance line near $26,048.

The RSI (14)  is trading above 50, indicating that the average gain is more significant than the average loss. It might be interpreted as the continuation of the upside momentum in the asset.

The price might face the first upside barricade on the higher levels near the highs of July 30 at $24,600. If those levels are breached, we can expect a good momentum toward $25,550.

On the contrary, a break below the session low could test the lower trend line of the channel at $22,500.

The four-hour time frame produces multiple breakouts at the exact level of $23,570. Firstly, the Bitcoin price had given a  “Flag & Pole Pattern” breakout.

According to this pattern, the upside target gets decided by the Fibonacci extension, shown in the given chart. The price might shoot between $25,750, which is 1.272 to $27,000 (1.618).

Secondly, the pair broke out of an inverted “Head & Shoulder pattern” with similar upside price projections.

On the other hand, a break below the $23,200 level could invalidate the bullish outlook. And the price can be below $22,200.