Daily Bitcoin Price Analysis

Bitcoin price has been forming higher highs on the chart, after the fed declares lower rates for bla bla bla. Could it be the new era for BTC?

According to analyst Crypto Melih, Bitcoin technically continues its uptrend on the chart when examined on the 4-hour time frame.

After forming a new Higher High with its rise to $25.350, its correction continues to make a new low. Despite the reaction from the $22.815 level in the last drop, the price tested the first resistance zone at $22,800 after clearing its liquidity in this region.

Talking about the importance of closing above the resistance zone of $22.750-$22.950 for the Bitcoin price to continue to rise, Crypto Melih added to his analysis that as long as the price stays below this region, there is a possibility to test the lower support zone of $22.320 to make a new bottom.

“I think this level is important because it is an order block region that made a new high in the market and a support region that previously held the price horizontally. At the same time, I think that buyers can be strong in this region as it coincides with the optimal trade entry level and the imbalance point at $22.320.”

“A 4-hour close below $21.400 is required before we can say that the uptrend is over. As long as the price stays above this zone, the uptrend will continue.”

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