The last 2 weeks have seen Bitcoin continue to rise. While it may not have been trending up for the entire time, Bitcoin has been steadily increasing over the last two weeks. It has risen to $24,000 after rebounding from its high consolidation level. Now that the digital asset is trailing $23,000, there are a few technical levels below it.
Bitcoin Support Forms
Bitcoin is now above $23,000, with support beginning to emerge. The digital asset lost its ground and fell to $21,000. Support was pushed to $19,000 but that would soon change. Bitcoin is continuing its upward trend and now sees support at $21,000. This is much more than it had previously seen.
Bullish Sentiment Spills Over To Institutional Investors As Ethereum Inflows Balloons| Bullish Sentiment Spills Over To Institutional Investors As Ethereum Inflows Balloons
To continue this bull rally, however, the digital asset would have to breach some technical levels. First, the $25,000 level would be where most resistance is being mounted. The only thing that could break this point is a widespread accumulation trend. The lowest point in the 2021 cycle, $28,000 would serve as the next resistance.
BTC is continuing to recover | Source: BTCUSD on TradingView.com
However, there is still some risk that the digital asset will fall. The $21,000 support would place it directly in its path, however this will not hold long-term. Next, the $19,700 support would be the highest level of 2018’s bull cycle. The support here will therefore be more robust than that at $19,000. However, $17600 could be the next most important level if the cycle is not stable.
Similar Reading | Ripple (XRP) Is Up 190% From Cycle Low, But Will It Ever Reach $3?
Bitcoin is expected to continue climbing, but it will still encounter resistance at $24,000. This was its last attempt to overcome it last week. It is the biggest threat to bulls as they attempt to reclaim $30,000. This is the point that determines whether bitcoin will be able break above its 50-day moving mean. If it does, this would signal a bullish and bearish trend.
The main reason bitcoin is losing value are still sell-offs. The short-term is turning in favour of buy but the long term outlook remains a selling point for investors. These sell-offs, which are yet to reach a fatigue point, are most likely the culprit behind bitcoin’s inability to breach $24,000 successfully.
Featured image taken from The Financial Express. Chart by TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
