Yesterday, the price of bitcoin was consolidating. The asset, however, has moved north in the previous 24 hours.
The asset, however, has moved north in the previous 24 hours.
The coin increased in value by 1.82%. The cryptocurrency has already moved away from the $18,200 support level, however the previous level remains a significant support for the Bitcoin price.
The technical outlook also suggested that the bulls would not take control of the market. Despite a minor gain in the Bitcoin price, buyers remain few on the market.
On Monday, Bitcoin moved above its 20-day moving average. Because the price of Bitcoin has largely gone sideways since mid-June, this has become a repeating theme. Despite the lack of market movement, daily timeframes are indicating a possible breakout to the upside.
At the time of writing, BTC was worth $19,600. The coin showed bearish strength by forming a falling wedge pattern. If buyers would not return to the market, a drop to the $18,000 threshold is probable.
Bitcoin's price is rising continuously above $19,500 against the US dollar. BTC may gain bullish momentum if it breaks through the $20,000 barrier zone. Bitcoin's price established a foundation above the $19,000 resistance level. BTC remained stable and began a slow and steady rise above the $19,200 level.
On the hourly chart of the BTC/USD pair, there was a break over a crucial bearish trend line with resistance above $19,240. The pair was able to break through the 50% Fib retracement level of the bearish move from the swing high of $19,954 to the low of $18,983.
The Bollinger Bands are once again as tight as they can be, indicating that a big move is on the way. Bitcoin is attempting to sustain above the middle-BB, which would increase the probability of more gains if the bands start to lift.
According to Price Analysis The market capitalization of this BTC is estimated to be $376,316,157,589. The 24-hour trading volume for the coin is around $28,568,114,142. BTC market capitalization has risen by 1.81%. However, trade volume Increased by 41.20% during intraday trading.
Bitcoin is currently trading above the $19,300 level and the 100 hourly simple moving average. On the upside, an immediate resistance level is at $19,600. It is near to the 78.6% Fib retracement level of the decline from the swing high of $19,954 to the low of $18,983. The first big hurdle is located in the $20,000 level. A clear break over the $20,000 resistance level might boost the price in the short term. In the aforementioned scenario, the price may test the $21,200 barrier. Any more advances might set off a sustained rise towards the $22,000 resistance zone.
If bitcoin fails to break through the $20,000 barrier, it may begin to fall. On the downside, the $19,300 level and the 100 hourly simple moving average provide immediate support. The next significant level of support is roughly $19,000. A break and close below the $19,000 support level might intensify selling pressure. In the aforementioned situation, the price might drop to the $18,500 support level. Any additional drops might bring the price down to $18,250.
KEY LEVELS :
RESISTANCE LEVEL : $19,800-$20,500
SUPPORT LEVEL : $19,000-$18,500
In the previous three days, BITCOIN has traded in a narrow range of $19,000-$20,000. Will Bitcoin hit $20,000 or fall below $19,000? Could you please share your thoughts?
