Bitcoin Reclaims $24,000 Level, Will BTC Price Continue to Rally?

Bitcoin Reclaims $24,000 Level, Will BTC Price Continue to Rally?

After several days of trading sideways at around $23,000, Bitcoin has finally surpassed the crucial $24,000. According to data from Trading view, $BTC price jumped above the $24,000 level at 8:32 a.m. UTC and was currently trading around $24,065, up 4.69% in the past 24-hour period.

Past Performance of BTC

Since last week's rejection above $24,500, bitcoin has been in some form of a stalemate. The asset returned to $22,400 but spent most of the next few days around the $23,000 mark.

The weekend was relatively calm, and bitcoin seemed stuck due to low trading volumes. However, as the new week began with early Asian trading hours, BTC gained massive momentum and finally broke out of its consolidation range. It spiked by roughly $1,000 and tapped the $24,000 level.

The market cap of BTC is $506 billion, and its dominance has reclaimed some of its recently lost ground and sits just under 39%. However, BTC is down by almost 65% from its all-time high of $ 68,770. 

BTC Technical Analysis 

With the ascending trendline support, the BTC price has increased by over 5%. Moreover, the daily candle displays a 2% growth, hinting at a potential bull cycle. As the market price move above the 50-day SMA, the supporting SMA takes a positive turnaround reflecting an improvement in the BTC price.

The RSI also shows a gradual growth in the underlying bullish trend as it sustains in the nearly overbought zone. However, the MACD indicator shows a sideways direction as they remain merged above the zero line. Hence the technical indicators maintain a slightly bullish signal supporting the BTC price analysis.

Bitcoin Future Price Movements 

If the BTC price trend continues with positive momentum, the uptrend will reach the 100-day SMA close to the $25,500 mark. However, a bearish reversal will push BTC to retest the crucial support at the $21,875 mark.

Last week, there was some position development for Bitcoin and crypto. The world's largest asset manager BlackRock announced its partnership with crypto exchange Coinbase to give institutional clients some crypto exposure.

According to a Bloomberg report, Bitcoin investors are closely following the U.S. stock market to measure the mood of the crypto market. Last month, BTC's price surged by 15% as the stock market posted positive gains.

As per the recent Bloomberg data, the 90-day correlation coefficient of Bitcoin and the S&P 500 has reached 0.65, the highest reading since 2010. A coefficient of one indicates that Bitcoin and stocks are highly correlated. Likewise, the coefficient of -1 shows they are moving in the opposite direction or are uncorrelated.

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