It was a bullish Monday, with BTC rising 2.27% to end the session at $24,835. A quiet session on Monday left the bulls in control, with BTC revisiting the $25,000 level for the fourth time in five sessions. The Fear and Greed Index remained within the Greed zone, increasing from 58/100 to 60/100.
On Monday, bitcoin (BTC) rose 2.27%. Reversing a 1.42% drop since Tuesday, BTC ended the day at $24,835. Despite the bullish session, BTC revisited below $24,000 for the first time in three sessions.
A choppy start to the day saw BTC slide to an early morning low of $23,862. BTC briefly fell through the first major support level (S1) at $23,934 before rising to an early afternoon high of $25,114. BTC broke through the first major resistance level (R1) at $24,922 before pulling back to end the day at $24,835.
US Regulator and Lawmaker Silence Offers a Bullish Session
There were no external market forces to sway investors, with US markets closed for George Washington’s birthday.
While there were no US economic indicators for investors to consider, there were also no regulatory moves or talk from US lawmakers to sway sentiment. The quiet session supported BTC’s recovery from early losses, although BTC failed to hold the $25,000 level, reflecting lingering regulatory uncertainty and Fed fears.
It could be a difficult time for US crypto participants. The market would need bipartisan bills to introduce proper regulatory controls.
BTC Action Price – Technical Indicators
BTC needs to avoid a drop through the $24,604 pivot to target the first major resistance level (R1) at $25,345. A move through Monday’s high of $25.114 would signal a breakout session. Crypto news wires need to be crypto-friendly to support a prolonged rally.
In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $25,856 and resistance at $26,000. The third main resistance level (R3) sits at $27,108.
A drop through the pivot would bring the first major support level (S1) into play at $24,093. However, barring a crypto event-driven sell-off, BTC should avoid below $23,500 and the second major support level (S2) at $23,352.
Looking at the EMAs and the 4-hour candlestick chart, it was a bullish sign. BTC settled above the 50-day EMA ($23,928). The 50-day EMA has broken further away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA, providing bullish signals.
A hold above S1 ($24,093) and the 50-day EMA ($23,928) would support a break out of R1 ($25,345) to target R2 ($25,856) and $26,000. However, a drop through S1 ($24,093) and the 50-day EMA ($23,928) would give bears a run at the 100-day EMA ($23,384) and S2 ($23,352). A drop through the 50-day EMA ($23,928) would send a bearish signal.
By Audy Castaneda
