How Could $21800 Resistance Breakout Influence Bitcoin’s Future Price?
A perpendicular growth in Bitcoin price after rebounding from $18780 support indicates a high demand pressure at this level. In addition, the coin price challenges a local resistance of $21800 barriers suggesting another breakout opportunity for traders. However, the volume activity is yet to support this theory, and its decreased value could induce countermeasures.
Key points from Bitcoin price analysis:
- The Weekly BTC/USDT chart forms a morning star candle at $18780 support.
- Bitcoin’s Fear & Greed Index at 26% reflects a fear among market participants
- The intraday trading volume in Bitcoin is $34.6 Billion, indicating a 10.5% loss.
Source-Tradingview
The recent correction in the crypto market entirely evaporates the July-August gains and plunges the Bitcoin price to the bottom support of $18750. Thus, the traders reacted to this high accumulation zone and rebounded the price immediately.
The replenished bullish momentum surged the price for four consecutive days, registering a 16% rally. The strong surge volume activity during this rally accentuates the traders are pretty interested in this discounted price.
The bull run took out a minor resistance level of $20750 and hit another at $21800. The coin price currently trades at $21635 with a 0.1% loss in intraday. However, although price action shows no rejection candle and decreased volume hints, the bullish momentum has been exhausted with the sudden rally.
Thus, the bitcoin price may witness a minor pullback before it could surpass $21800 and hits $22630. However, under a favorable scenario, a breakout from this resistance would undermine the August second-half correction and bolster the price to reach the $25000 mark.
On a contrary note, the Bitcoin price is still under bearish threat as the US Fed had suggested under the interest hike in September.
Technical Indicator
On balance volume(OBV): an upswing in the daily-OBV slope encourages the growing interest of traders for long positions in Bitcoin.
EMAs: The recent bull run reclaims 20-and-50 EMAs, offering an extra edge on long positions.
MACD indicator: A bullish crossover between the fast and slow lines gives a buy signal to bolster the ongoing recovery. Moreover, the rising green on the histogram chart highlights sustained buying from traders.
- Resistance level- $21800 and $22630
- Support level- $20750 and $18780
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
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.
