Claim $500Here’s Why Bitcoin Price Could Set Its Next Jump to $22000?
Following the early week rally, the Bitcoin price turned sideways on the weekend. This lateral walk between $20350 and $20800 offers a break period to replenish the bullish momentum. A bullish breakout from this range will resume the prior recovery and potentially regain high grounds.
Key points:
- Steady growth in volume activity during the recent rally indicates buyers are confident about climbing higher levels
- The 20-and-50-day EMA on the verge of bullish crossover should attract more buyers in the market.
- The intraday trading volume in Bitcoin is $32 Billion, indicating a 20% loss.
Source-Tradingview
A bullish breakout from the descending triangle pattern on October 23rd triggered a recovery rally in the BTC/USDT pair. Amid the improvement in the global market, the Bitcoin price has increased 8.4% since last week.
In addition, this bull run recently breached a local resistance of $20350-$20300 but failed to rise to the next immediate supply zone at $20800. The Bitcoin price has resonated between the aforementioned levels over the last four days, indicating a narrow range formation. The long-wick rejection of either side of the range suggests uncertainty from both parties.
However, considering the overall recovery sentiment in the market, the BTC price is witnessing a temporary pause before resuming the prevailing rally. Thus, a long positional near $20300 could favor interested buyers.
Considering the market maintains its bullish outlook, a daily candle closing above $20800 will signal a continuation of ongoing recovery. This development could drive the prices 5.5% higher from its current price and hit the $22000 ceiling.
On a contrary note, a breakdown below the $20000 or 20-and-50-day EMA would undermine the bullish thesis.
Technical Indicator
Relative Strength Index: the daily-RSI slope sustains above the 60% mark, indicating the market participant favors further growth.
Bollinger band: the bitcoin price constantly hitting the indicator’s upper band accentuates the price need to stabilize its prior gains.
Bitcoin Price Intraday Levels
- Spot rate: $20718
- Trend: Sideways
- Volatility: medium
- Resistance level- $20800 and $22000
- Support level- $20350-$20300 and $18600
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Trump Calls for Rate Cuts as Fed Chair Favorite Hassett Says U.S. Lags on Lowering Rates
- Aave Labs vs DAO: What Investors Should Know About the AAVE Token Alignment Proposal
- January Fed Rate Cut Odds Fall to New Lows After Strong U.S. Q3 GDP Report
- Breaking: U.S. GDP Rises To 4.3% In Q3, BTC Price Climbs
- Breaking: Bank of Russia Proposes Allowing Investors to Buy Bitcoin and Crypto in Major Regulatory Shift
- XRP Price Prediction: Will 4 Billion Transactions Spark Next Rally?
- Solana Price Outlook: Will SOL Recover With Strong Institutional Buying?
- Ethereum Price Risks Crash to $2,500 Amid Sustained Wintermute Dumping
- Is It Time to Sell Bitcoin for Gold- Analyst Spots 2023 Pattern That Triggered BTC’s Last Major Rally
- Bitcoin Price Prediction and Analysis: Will BTC Hit $100k Before Year-End?
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
