Bitcoin prices have seen an increase in the last 24hrs. Over that same time, Bitcoin has seen a 3% increase in value. Other major altcoins have also seen a rise in green value during press time.
BTC’s rally has been almost 8% over the past week. The bulls will keep pushing for $21,000, which would be an easy move by the Bitcoin price.
Technically, the outlook is now in favor of bulls. Market price has been controlled by buyers. The asset has seen an increase in demand.
A price pullback is not impossible to rule out. To reach $21,000, the coin must surpass its overhead resistance.
BTC should trade at or above the $21,000 mark for an extended period of time, even if it reverts to that level. This will allow bulls to stay put and lead to wider trends.
Bitcoin prices at $20,800 may face resistance. This level is possible to clear and allow the cryptocurrency to move towards $21,000
Bitcoin must break the $21,200 price ceiling in order to maintain its bullish outlook.
One-Day Chart: Bitcoin Price Analysis
At the time this article was written, BTC traded at $20,000.700 Bitcoin’s price is back at $20,700 after it dropped to the bottom of its chart over the last two days.
BTC may trade at the $21,000 level if demand continues to rise. At $20,800 the overhead resistance of Bitcoin was reached.
If it breaks through this mark, BTC could reach $21,000. BTC will face another major resistance at $21,600.
The beginning of a larger trend could occur if we move beyond the previous level.
However, if you lose $20,700, your BTC will increase to $20.300, then go up to $19,000.
BTC trade volume for the most recent trading session was positive, signifying that buyers strength has increased.
Technical Analysis
BTC has documented a drop in buying power, but the coin showed an impressive recovery on its chart.
This level of buying power was last seen in BTC almost eight months ago. Relative Strength Index rose above 60 which indicated that buyers were more powerful than selling pressure.
Bitcoin’s price was higher than the 20-SMA, which indicates an increase in buyers and a market that is gaining momentum.
Bullish signals have been shown on other technical indicators.
Bitcoin’s buy signal was noted on the chart. This indicates that Bitcoin can go higher.
The price momentum and strength of price action are indicated by Moving Average Convergence Divergence
The MACD created green signal bars at the half-line which represented the sell signal.
Directional Movement Index was optimistic. This meant the price direction had stabilized and was bullish. Positive price action was represented by the +DI line.
However, the Average Directional Index (red), although it was lower than the 20-mark, showed an upward trend that suggests momentum will grow.