Greetings! In this article, I will go over my technical analysis I did today and explain what indicators were notable and future potential scenarios of the BTC price action.

Can Bitcoin Touch 25k Again?

During the past couple of days, Bitcoin has been consolidating in the 26k-26.4k range. This was followed by a rejection from the 27.5k point, which was a rejected attempt in a breakout of the 50 ema.

The daily RSI is relatively neutral (Slightly leaning towards oversold). The daily MACD, however, formed a bearish cross, but it is highly likely that the next bearish move will be very minor. Additionally, in the charts, there is the infamous "rounding top" pattern, which is highly suggestive of a dump. 

Despite these bearish/neutral indicators, it is very likely that Bitcoin will only tap the high 25k range (or maybe even 24k) temporarily before returning to the 26k range very quickly (Similar to what happened recently when Bitcoin hit the top half of the 24k range). The reason that this is likely is the fact that the weekly 200 EMA is still acting as strong support and both the weekly and daily RSI are both in neutral territories. Furthermore, the weekly MACD, unlike the daily MACD, is beginning to curve, which could result in a bullish cross within the next few weeks.

At the same time, it is very unlikely that Bitcoin will hit anything higher than 28k. Currently, Bitcoin is well under the 20 and 50 weekly EMAs and the 200, 20, and 50 EMAs of the daily time frame. The best Bitcoin can do is hit around 28k before running out of bullish momentum and being hard corrected back to 26k.

Conclusion

In conclusion, it is very likely that Bitcoin could hit 25k within the three and a half weeks in between the ETF decision date. If Bitcoin does touch this level again, it is very likely that it will be the last time it does so (Unless the ETFs get rejected, then the price could go down to 20k).