Bitcoin price seems to be in the control of the bulls as the crypto has rallied. Over the last 24 hours, BTC gained more than 7% on its chart.<\/p>\n
In the last week, the crypto\u2019s gain has been more than 8%. This has put Bitcoin in a bullish position as it has managed to cross the $20,000 price mark.<\/p>\n
The buyers are back on the one-day chart as the demand for the coin noted a considerable increase.<\/p>\n
The bulls might be eyeing the next major resistance mark of $22,000, but there are two other important price levels that the coin has to zoom past.<\/p>\n
If the buyers once again exit the market, a price pullback is on the chart. This change in the bullish momentum of Bitcoin has also fueled massive rallies for major altcoins in the market.<\/p>\n
The next immediate trading sessions will prove to be vital for the coin as they could decide the further strength of the bulls. A fall from the current price mark will bring BTC back to the $19,000 price zone.<\/p>\n
Bitcoin was priced at $20,800 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n BTC was trading at $20,800 at the time of writing. The coin has finally been able to break past its long consolidation phase.<\/p>\n Now that the range-bound movement of the coin has ceased, there are important price levels that Bitcoin price has to topple over in order to reach the $22,000 price level.<\/p>\n Immediate resistance for the coin was at $21,100 and the other price level stood at $21,600. If the bulls lose momentum or in the case of a price pullback, Bitcoin price will fall back to $19,700.<\/p>\n The $19,600 still acts as strong support for the coin. The amount of Bitcoin traded in the past session grew, indicating that buying strength also registered a substantial uptick.<\/p>\n Bitcoin noted a significant uptick in buying strength on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n The technical indicator sided with the bulls. The cryptocurrency was moving closer to the overvalued zone, as seen on the one-day chart.<\/p>\n The Relative Strength Index shot past the half-line and moved above the 60-mark, which is considered quite bullish for the coin.<\/p>\n With continued bullish momentum, Bitcoin price could enter the overbought zone. A move into the overvalued and overbought zone could cause a price correction too.<\/p>\n Bitcoin price was above the 20-SMA, which signalled more demand, and buyers were in charge of driving the price momentum.<\/p>\n Bitcoin displayed buy signal on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n BTC has shown that the buyers have certainly gained strength as it also portrayed buy signal on its chart.<\/p>\n The Moving Average Convergence Divergence indicates the overall price direction and strength of the momentum.<\/p>\n The MACD formed green signal bars, which were the buy signal, and they were increasing in size, signifying bullish price action.<\/p>\n The Parabolic SAR depicts the price trend and direction too. The dotted lines were below the price candlestick, which is a mark of positive price action.<\/p>\n Featured Image From UnSplash, Charts From TradingView<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin price seems to be in the control of the bulls as the crypto has rallied. Over the last 24 hours, BTC gained more than 7% on its chart.<\/p>\n In the last week, the crypto\u2019s gain has been more than 8%. This has put Bitcoin in a bullish position as it has managed to cross the $20,000 price mark.<\/p>\n The buyers are back on the one-day chart as the demand for the coin noted a considerable increase.<\/p>\n The bulls might be eyeing the next major resistance mark of $22,000, but there are two other important price levels that the coin has to zoom past.<\/p>\n If the buyers once again exit the market, a price pullback is on the chart. This change in the bullish momentum of Bitcoin has also fueled massive rallies for major altcoins in the market.<\/p>\n The next immediate trading sessions will prove to be vital for the coin as they could decide the further strength of the bulls. A fall from the current price mark will bring BTC back to the $19,000 price zone.<\/p>\n Bitcoin was priced at $20,800 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n BTC was trading at $20,800 at the time of writing. The coin has finally been able to break past its long consolidation phase.<\/p>\n Now that the range-bound movement of the coin has ceased, there are important price levels that Bitcoin price has to topple over in order to reach the $22,000 price level.<\/p>\n Immediate resistance for the coin was at $21,100 and the other price level stood at $21,600. If the bulls lose momentum or in the case of a price pullback, Bitcoin price will fall back to $19,700.<\/p>\n The $19,600 still acts as strong support for the coin. The amount of Bitcoin traded in the past session grew, indicating that buying strength also registered a substantial uptick.<\/p>\n Bitcoin noted a significant uptick in buying strength on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n The technical indicator sided with the bulls. The cryptocurrency was moving closer to the overvalued zone, as seen on the one-day chart.<\/p>\n The Relative Strength Index shot past the half-line and moved above the 60-mark, which is considered quite bullish for the coin.<\/p>\n With continued bullish momentum, Bitcoin price could enter the overbought zone. A move into the overvalued and overbought zone could cause a price correction too.<\/p>\n Bitcoin price was above the 20-SMA, which signalled more demand, and buyers were in charge of driving the price momentum.<\/p>\nTechnical Analysis<\/h2>\n
Bitcoin Price Analysis: One-Day Chart<\/h2>\n
Technical Analysis<\/h2>\n