Bitcoin Price Could Set Its Jump to $22000
Bitcoin Price Could Set Its Jump to $22000: After the early-week rise, the price of bitcoin shifted sideways over the weekend. During this sideways movement between $20350 and $20800, the bullish impetus can be refuelled.
The previous recovery will resume and possible high ground might be reclaimed if there is a bullish breakout from this range.
Key points
- The latest rally’s steady volume growth suggests buyers are confident about reaching higher levels.
- There should be more buyers in the market as the 20- and 50-day EMAs approach a bullish crossover.
- The $32 billion intraday trading volume for bitcoin indicates a 20% loss.
- On October 23, a bullish breakthrough from the descending triangle formation set off a rebound rally in the BTC/USDT pair. The price of bitcoin has climbed by 8.4% since last week due to the strengthening in the global economy.
- If the market continues to be bullish, a daily candle closing above $20800 will indicate that the rebound is still going strong. The price could increase by 5.5 percent from its present level as a result of this move, reaching a maximum of $22,000.
- On the other hand, the muscular thesis would be disproving by a breakdown below the $20000 or 20- and 50-day EMA.
- Relative Strength Index (RSI) is a technical indicator that shows whether or not a market participant prefers continued expansion. The daily-RSI slope is above the 60% level.
Moreover, this bull run just broke over a regional resistance zone between $20350 and $20300, but it was unable to advance to the following immediate supply zone around $20800. Over the past four days, the price of bitcoin has oscillated between the aforementioned levels, forming a tight range. Both parties appear to be uncertain based on the long-wick refusal of either side of the range.
Bollinger band: the cost of one bitcoin Constantly reaching the indicator’s upper band highlights the need for the price to hold onto its gains.
Bitcoin Price Intraday Levels
Spot rate: $20718
Trend: In reverse
volatilities: moderate
Resistance level- $20800 and $22000
Levels of assistance: $20350, $20300, and $18600
Also Read: Speeding Up Crypto
