Here’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
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