Bitcoin Price Surges Above $22,000 But Will The Momentum Last?

The Bitcoin price has shown strength in the past four days, breaking through the $19,000 price area.

Over the last week, Bitcoin prices had been steadily rising before this rally. Bitcoin is currently supported by the $18,000 price.

The $18,000 to $19,000 price range is critical, even though Bitcoin has stabilised.

The next trading zone for cryptocurrency will be $15,000. If it fails to trade at its current level or falls below $18,000, The relief rally seems to have brought buyers back to the cryptocurrency market.

On the daily charts, technical indicators also show a bullish view for Bitcoin. To maintain its optimistic daily chart, Bitcoin must see steady demand.

Bitcoin could be worth $24,000 Bitcoin may be restricted by this price.

It could lead to Bitcoin trading at its lowest support point. Bitcoin may trade at close to $24,000 if its price holds above $22,000

A Day of Bitcoin Price Analysis

Bitcoin Price
On the one-day chart, Bitcoin traded at $22,100| Source: BTCUSD on TradingView

At the time this article was written, BTC traded at $22,100. After a consolidation period, however, recent rallies have seen relief.

While $24,000 is the current resistance to Bitcoin, this level could be considered a significant resistance.

The local support was $19,000, then $18,000. Bitcoin may aim for $18,000 if it reaches $18,000.

Bitcoin trading volume in the past session fell, which is a result of increasing selling pressure.

Technical Analysis

Bitcoin Price
Bitcoin observed an increase in buying power on the 1-day chart. Source: TradingView.| Source: BTCUSD on TradingView

BTC shows signs of optimism in the last few days.

We are still waiting to see how Bitcoin prices fare above $22,000.

Bitcoin prices are now looking positive with the buying force increasing in recent trading sessions.

Relative Strength Index scores above half-line. It indicates that buyers were outnumbering sellers at the time this article was written.

Bitcoin prices rose above the 20 SMA line, indicating that buyers are driving the price momentum.

An increase in demand could cause the 20-SMA to cross the 50-SMA, increasing bullishness.

Bitcoin Price
Bitcoin may show signs of price fluctuation, as can be seen on the 1-day chart. Source: BitcoinUSD on TradingView| Source: BTCUSD on TradingView

The bulls were also supported by other technical indicators in Bitcoin at press time. As shown by technical indicators, overall the price trend of bitcoin was positive.

Positive Directional Movement Index, the +DI line being higher than the -DI. But, the Average Directional Index was slightly lower (red).

Price momentum may lose its steam. Bollinger Bands are a sign of volatility. A slight opening means there may be some price fluctuation.

Get more Crypto News at CFX Magazine