Bitcoin Closes Week Above $21K, Is Bullish Reversal In Sight?

Investors in crypto have high expectations for this month. They want to see positive trends. In the months since the market crash, many top assets experienced more rallies than pullbacks.

Each week begins and ends with a new trend in the greens or reds. The uncertainty keeps everyone wondering, and afraid for possible losses should the bearish trend continue. However, it appears that many cryptos saw a lot more bullish movements in the week from September 5-12.

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While there were some pullbacks during the week, rallies appeared to have the upper hand. Bitcoin, for instance, closed above $21 after failing to surpass the $20K mark. 

BTC pricesIt was $19988 on September 5, and it continued to drop until September 9, when it hit $19328. BTC jumped above $20 and hit $21,381.15 the day before closing the market. 

Bullish trend indicators 

When the week ends above $21K Bitcoin has risenTo reach $22,122.04 Monday September 12, at 2:52 PM, the price has risen past this level. Analysts also studied indicators that could point to a bullish turn for crypto number 1. 

First, BTC’s sharp bounce in the first week of September created a long lower wick indicating buying pressure. The coin price reached a bullish closing of $21,826 following the maintenance of a $19400 horizontal resistance area since June. 

Analysts observed that BTC’s all-time high price of the week and its closing price were very close, showing sellers could not bring the price down. These conditions indicate that bulls are pushing. BTC’s weekly Relative strength Index moved from its all-time low to the oversold region.

BTC is at $29,425. If it keeps moving higher, this will become the closest resistance level. This will mark the resistance at the 0.382 fib-retracement level for the most recent part of BTC’s downward move. Source: BTCUSD price chart from 

Analysts foresee a second resistance level at $37,300, showing a 0.382 fib retracement resistance level of the overall downward movement from BTC’s all-time high. 

Bitcoin’s price surpasses $22,000 level. | Source: BTCUSD price chart from

Bitcoin moves on trading chart

BTC’s daily price chart shows it is moving towards a bearish candlestick (red icon). Its daily RSI, however, is bullish. The 50-line, where it was previously resistance, has just been crossed. BTC has to regain the channel and the region of resistance at 0.5-0.618 fib for this move to be bullish. 

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Analysts indicate that BTC Wave count has entered the fourth wave of the five wave upward trend which started on August 7. According to the movement, after the price correction, it will increase briefly towards $22,700. This is a level that shows a 0.618 fib resistance. 

Featured image taken from Pixabay. Chart from

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