BTC has closed a bullish engulfing candle, indicating that the market is very bullish. While the support level at $21,000 remains intact, a breach below this level might expose the BTC price to $20,400 or $19,950.
The BTC broke above the long channel line and closed above $21,000, with resistance at $21,500.
Following the bullish breakout of the descending triangle pattern, the Bitcoin price showed a sharp bullish trend. BTC is currently up more than 3.60% to $21,300, with the technical outlook indicating further gains.
After weeks of struggling with the $20,000 range, the leading cryptocurrency has regained its next crucial level of $21,000. This indicates that investors have increased their buying pressure, which may cause the price to rise even more.
After a quick rise, Bitcoin price is trading in a consolidation zone. On the hourly chart, a bullish flag pennant is formed. Breakout any side will start a fresh trend. Over the last 8 hours, the market has been trading in the red.
Bitcoin's price has remained above the $21,000 support level. BTC is consolidating and may begin a new rally if it breaks through the $21,500 barrier zone. Bitcoin's price has begun a downward decline below $21,000.
The bulls, on the other hand, were active at the $21,000 level. A low at $21,082 was made, and the price is presently consolidating gains. Above the $20,700 level, there was a rise. The price rose over the 21,000 level and made a high of $21,478. Bitcoin is currently trading above the $21,200 level and the 21 hourly simple moving average. On the upside, an immediate resistance level is at $21,500.
On the upside, the main resistance level is situated at the $21,600 level. The primary major hurdle is situated at $21,800. The major resistance is situated at $22,000. A clear break over the $22,000 level might push the price further higher. The next major resistance remains above $22,500, above which the price may begin a steady rise.
If bitcoin fails to break through the $21,600 resistance level, it may continue to fall. On the downside, there is immediate support near the $21,000 level. The next significant support is near $20,700 level which is the 50 hourly simple moving average. A break below $20,700 could pave the way for a move towards the $20,000 support zone. Any further rises might push the price up to $19,500.
According to Price Analysis, the market capitalization of this BTC is projected to be $408,688,726,328. The coin's 24-hour trading volume is roughly $63,410,927,802. BTC market capitalization has risen by 3.43%. However, transaction volume rose by 36.32% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $21,600-$22,000
SUPPORT LEVEL : $21,000-$20,600
After three months of moving up and down the channel line. Today, Bitcoin breaks through and trades above the channel line, but it is unable to sustain at higher levels. Will this breakout be a forgery? Please express your views on the preceding statement.
