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Bitcoin pressing resistance after regaining 20k

Bitcoin started the year strongly and regained 20k handle last week. Total market cap also surged past USD 400B level. The move followed overall risk-on sentiment, on expectations that Fed is ready to further slow down the tightening pace. While it’s still early to call for a sustainable trend reversal, the worst looks increasingly likely behind.

Technically, considering bullish convergence condition in daily and week MACD, 15452 should be a medium term bottom at least. Immediate focus is now on 21460 resistance. Firm break there will confirm this case and bring further rise back to 25198 resistance.

Nevertheless, to secure a trend reversal, Bitcoin will need to break through 55 week EMA (now at 25677) in rather decisive manner. Otherwise, it’s probably just setting up the range for some medium term sideway trading instead. So, 25k would be the next level to pay attention to.

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