Bitcoin Refreshes Above $23,400

On Thursday, Bitcoin price analysis implies a consolidation following the previous day’s impressive gains. The price opened lower and traveled to touch the intraday high of $23,455, which acted as a strong resistance for the price as it coincided with the critical 50-day moving average.

The BTC/USD pair is exchanging hands at $23,114.97, down 0.12% for the day. The 24-hour trading volume rose 45% to $37,996,744,289. BTC price is thought to attempt to regain momentum.

Bitcoin retraces mildly to the lows of $22,580 but recovered sharply, indicating the emergence of the buying impulse near the lower levels.

BTC price consolidates near higher levels with limited price action. The bulls face a strong resistance near the 50-day moving average on the daily chart. A dip buying opportunity as the momentum oscillator remains mildly bullish.

On the daily chart, the Bitcoin price analysis shows that the price has been trading in ascending channel since. However, for the past few sessions consolidated near the higher levels. BTC formed a ‘Morning Star’ candlestick pattern near the lower trend line of the channel.