Bitcoin Signals Short Term Bullishness, Move Towards $24K Next?

Bitcoin has witnessed a massive plunge from the $30,000 level to $20,000 in the month of June. Price of Bitcoin has been witnessing movement within a range of $20,000 and $21,000 respectively. The short term technical outlook of the coin has been pointing towards bullishness. It is however too soon to term the upward price direction as a relief rally. If BTC manages to remain afloat above the $21,000 price mark, the coin can target the next price barrier. Buyers have shown optimism on the chart and as a result, price of the coin demonstrated a respite. Bitcoin witnessed overbought conditions over the last 48 hours painting a bullish outlook on the chart. With continued buying strength, BTC might be able to target $24,000, however chances of bullish pullback cannot be ruled out. Bitcoin Price Analysis: Four Hour Chart BTC was trading at $21,600 at the time of writing. The coin has broken past the $20,000 mark and managed to ascend as seen on the above chart. If the cryptocurrency displays a rebound from the consolidation phase, its immediate resistance stands at $24,000. A fall from the current price level will again drag BTC to $20,000 which could fuel a crash to the $16,000 support level. As the demand for BTC grew, the coin managed to secure a 4% gain overnight. The amount of BTC traded in the previous session fell, suggesting that selling pressure had diminished on the chart. This marked a positive sign for Bitcoin. Technic...