The crypto market has returned to the green with Bitcoin price pushing north of $20,000 after a severe rejection from those levels in August. The market is heading into the weekend, and with two major events in the next few days, there could a spike in volatility.\u00a0<\/p>\n
At the time of writing, Bitcoin price trades at $21,000 with a 10% and 4% profit in the last 24 hours and 7 days, respectively. Data from Coingecko shows that BTC is overperforming in the crypto top 10 by market cap as other assets lag and present minor losses.<\/p>\n
BTC\u2019s price with minor profits on the daily chart. Source: BTCUSDT Tradingview<\/a> As Bitcoin flirts with its current levels, data from Material Indicators (MI) have begun showing liquidity on the move. The benchmark crypto was able to fill over $15 million in asks orders as it broke past critical resistance at $20,000.<\/p>\n Now, the most important level of resistance stands at $21,500, for the short term. At those levels, the Bitcoin price is seeing selling orders stacking from $7 million to around $12 million in the past 12 hours. These orders might operate as resistance and slow down any attempts from the bulls to reclaim higher levels.<\/p>\n BTC\u2019s price (blue line on the chart) heading into resistance (yellow and red above price) on short timeframes. Source: Material Indicators<\/p>\n Material Indicators show that the current price action is being bought by retail investors and by large investors with buying orders of over $100,000. If Bitcoin price is to show a bullish continuation, the latter should continue to bid and support the cryptocurrency.<\/p>\n However, investors with $100,000 bid orders have stayed flat as BTC\u2019s price trends to the upside. This hints at a potential re-test of support with $19,500 to $19,800 as potential targets to prevent further losses and preserve short-term bullish bias.<\/p>\n Bitcoin Price Critical Levels On Higher Timeframes<\/p>\n Additional data provided by Caleb Franzen, Senior Market Analysis for Cubic Analytics, shows that Bitcoin has displayed a similar price action across 2022. In previous months, the cryptocurrency\u2019s downside trend has been followed by periods of consolidation.<\/p>\n As seen below, these periods have hinted at more downside. Thus, it is critical that Bitcoin price reclaims north of $25,000, $28,000, and $32,000, or the market risk a slow bleed into fresh lows. Franzen said<\/a> while sharing the following chart<\/p>\n Bitcoin consolidated for 107 days starting in early Q1 2022 before breaking down for the next leg lower. The current consolidation range has lasted for 83 days. I don\u2019t expect the current market will match the 107-day range, but it\u2019s worth noting that they can last for a while.<\/p>\n BTC\u2019s price consolidates after a downside trend to resume the bearish momentum across 2022. Source: Caleb Franzen via Twitter<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The crypto market has returned to the green with Bitcoin price pushing north of $20,000 after a severe rejection from those levels in August. The market is heading into the weekend, and with two major events in the next few days, there could a spike in volatility.\u00a0<\/p>\n At the time of writing, Bitcoin price trades at $21,000 with a 10% and 4% profit in the last 24 hours and 7 days, respectively. Data from Coingecko shows that BTC is overperforming in the crypto top 10 by market cap as other assets lag and present minor losses.<\/p>\n
\nBitcoin Price Near Overhead Resistance, Can Bulls Push Through?<\/p>\n