1-Day Analysis:
Big Picture: Panic short-coverings, combined with fresh buying, have resulted in a V-shaped rebound for Bitcoin. Nevertheless, Bitcoin had the highest volume influx since November 2022 yesterday. This indicates that interest is being generated at higher levels once again as the price starts to climb. Price is now reverting to a critical resistance zone that limited the previous bullish moment. At these levels, active risk management is recommended. Any short-term deviation over 25,500 would be a bearish trigger once more, while strength above 25,500 is required to maintain the bullish outlook.
On the Upside Bulls nearly won all confrontations yesterday, shattering multiple intra-day resistances. A significant intra-day resistance is now expected at the 24,670 level for the session. This level was similarly important in the preceding trend rejection. The main resistances that have hindered all bullish outlooks since August 2022 are present above this level. At the levels of 25,200 and 25,500, a huge opposition awaits. A clean breakthrough over this level will take prices higher into the 26,200 to 26,600 range, followed by the 28,650 level.
On the Downside Previously, price transformed 21,890 into a support level and then broke the 22,800 level, unleashing a strong intra-day impulse. Price has now established supports off previous resistance levels. For Bitcoin, the session’s initial support is at 23,750, followed by 23,200. Below these supports, another strong supporting zone has been developed with levels ranging from 22,800 to 22,550. As long as Bitcoin maintains these levels, the outlook favors aggressive bulls. Also, if sellers want to reclaim control of the trend, they must break and hold price below the 22,800 mark.
