Bitcoin price has risen again in the last 24 hours. In that time frame, the coin he surged 3%. This has also helped other major altcoins turn green on press.
BTC rose almost 8% last week. Claiming the $21,000 mark wouldn’t be a difficult move for Bitcoin’s price if the bulls keep pushing.
The technical outlook turned bullish again. Buyers control prices in the market. Demand for assets is also increasing.
The possibility of price cuts cannot be completely ruled out. The coin must barrel above the overhead resistance to reach the $21,000 price.
Even if the coin returns to the $21,000 level again, it will be important for BTC to hold that level long enough for the bulls to stay and lead to a broader trend change.
The Bitcoin price of $20,800 may have a tough resistance. Clearing that level will help the coin move to $21,000.
For Bitcoin to continue its bullish thesis, it needs to break the $21,200 price cap when it crosses the $21,000 price level.
Bitcoin price analysis: 1 day chart
BTC was trading at $20,700 at the time of writing. Bitcoin’s price has fallen below the charts in the past two days, and once again he has regained the $20,700 price level.
If demand continues, BTC will attempt a trade near the $21,000 price level. The coin’s immediate resistance was at $20,800.
If BTC crosses this level, it could reach $21,000. Another major resistance mark for BTC is waiting at $21,600.
If the aforementioned levels are crossed, a broader trend change can begin.
On the other hand, if you lose $20,700, your BTC will be $20,300 and then $19,600.
The amount of BTC traded in the last trading session is in green, indicating increased buy strength on the chart.
While BTC was registering a decline in buying strength at the time of writing, the coin has shown a sharp recovery on the chart.
The last time BTC recorded this amount of buying strength was almost eight months ago. The relative strength index exceeded the 60 mark for him. This suggests that buying strength is much greater than selling pressure.
Bitcoin price is above the 20-SMA line, indicating demand build-up and buyers driving price momentum in the market.
Other technical indicators are also showing bullish signals on the charts.
Bitcoin has recorded a buy signal on the charts, indicating that the coin could rise further.
Moving Average Convergence Divergence indicates price momentum and strength of price action.
MACD has formed a green signal bar above the half line which is the coin buy signal.
The Directional Movement Index was optimistic. This means that the price direction has stabilized and turned bullish. The +DI line is above the -DI line, which represents positive price action.
The average directional index (red) was below the 20 mark, but is forming an upward move, indicating that momentum is building.