Bitcoin price bounced off the $15,400 price level and staged a recovery over the past day. In the last 24 hours, BTC has been moving sideways after claiming the $16,000 price mark.<\/p>\n
Since the coin is trading sideways at the moment after the recovery, Bitcoin awaits a breakout. The coin will have to move above the $16,600 mark in order for the bears to be invalidated.<\/p>\n
Now that Bitcoin is closer to the aforementioned price resistance mark, there could be a chance for BTC to move to the $17,000 price zone.<\/p>\n
Buyers need to step up in order for the coin to move above the $16,600 price mark. The coin\u2019s technical outlook confirms that it is trending upward on its chart.<\/p>\n
The buying strength has, however, remained low despite an uptick on the one-day chart.<\/p>\n
Bitcoin was priced at $16,500 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n BTC was trading at $16,500 at the time of writing. After Bitcoin broke past the $15,400 price level, the coin registered positive buying action. This has contributed to the coin\u2019s price rising above the $16,000 mark. The crucial price zone remains at $16,500, and a move above it will be a point of bullish momentum for Bitcoin.<\/p>\n BTC\u2019s overhead resistance was at $17,000, and a move above that could halt bulls at $17,600. BTC will reach a psychological level of $18,000 if it rises above $17,600. The amount of BTC traded in the previous session was green, indicating accumulation.<\/p>\n Bitcoin displayed uptick in buying strength on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n The coin had recently visited the oversold zone in the middle of this month, and the move above the $15,400 mark had caused buyers to regain confidence in the asset.<\/p>\n At the time of writing, BTC registered demand on the one-day chart. The Relative Strength Index was moving above the 40-mark as demand for the coin returned to the market.<\/p>\n If demand remains consistent, a move above $17,000 would happen over the next trading session. Bitcoin can jump above the 20-Simple Moving Average if the coin crosses the $16,700 price mark.<\/p>\n At the moment, BTC was below the 20-SMA. This indicated that sellers were still driving the price momentum in the market.<\/p>\n Bitcoin formed buy signal on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n In correspondence to the buying strength, BTC also depicted the start of the buy signal for the coin. The Moving Average Convergence Divergence indicates price momentum and trend change.<\/p>\n MACD displayed green signal bars, which are tied to the buy signal for BTC. In anticipation of rangebound movement, the Bollinger Bands, which indicate price fluctuation, narrowed.<\/p>\n A rise in demand will help bulls gain strength and break past the current trading range.<\/p>\n Featured Image From UnSplash, Charts From TradingView<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin price bounced off the $15,400 price level and staged a recovery over the past day. In the last 24 hours, BTC has been moving sideways after claiming the $16,000 price mark.<\/p>\n Since the coin is trading sideways at the moment after the recovery, Bitcoin awaits a breakout. The coin will have to move above the $16,600 mark in order for the bears to be invalidated.<\/p>\n Now that Bitcoin is closer to the aforementioned price resistance mark, there could be a chance for BTC to move to the $17,000 price zone.<\/p>\n Buyers need to step up in order for the coin to move above the $16,600 price mark. The coin\u2019s technical outlook confirms that it is trending upward on its chart.<\/p>\n The buying strength has, however, remained low despite an uptick on the one-day chart.<\/p>\n Bitcoin was priced at $16,500 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n BTC was trading at $16,500 at the time of writing. After Bitcoin broke past the $15,400 price level, the coin registered positive buying action. This has contributed to the coin\u2019s price rising above the $16,000 mark. The crucial price zone remains at $16,500, and a move above it will be a point of bullish momentum for Bitcoin.<\/p>\n BTC\u2019s overhead resistance was at $17,000, and a move above that could halt bulls at $17,600. BTC will reach a psychological level of $18,000 if it rises above $17,600. The amount of BTC traded in the previous session was green, indicating accumulation.<\/p>\n Bitcoin displayed uptick in buying strength on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n The coin had recently visited the oversold zone in the middle of this month, and the move above the $15,400 mark had caused buyers to regain confidence in the asset.<\/p>\n At the time of writing, BTC registered demand on the one-day chart. The Relative Strength Index was moving above the 40-mark as demand for the coin returned to the market.<\/p>\n If demand remains consistent, a move above $17,000 would happen over the next trading session. Bitcoin can jump above the 20-Simple Moving Average if the coin crosses the $16,700 price mark.<\/p>\n At the moment, BTC was below the 20-SMA. This indicated that sellers were still driving the price momentum in the market.<\/p>\n Bitcoin formed buy signal on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n In correspondence to the buying strength, BTC also depicted the start of the buy signal for the coin. The Moving Average Convergence Divergence indicates price momentum and trend change.<\/p>\n MACD displayed green signal bars, which are tied to the buy signal for BTC. In anticipation of rangebound movement, the Bollinger Bands, which indicate price fluctuation, narrowed.<\/p>\n A rise in demand will help bulls gain strength and break past the current trading range.<\/p>\nTechnical Analysis<\/h2>\n
Bitcoin Price Analysis: One-Day Chart<\/h2>\n
Technical Analysis<\/h2>\n