Bitcoin has maintained its recent advances and is now trading above the $20,000 threshold for the first time since the collapse of the cryptocurrency exchange FTX. The value of the flagship cryptocurrency witnessed a peak price of $21,438 in the past 24 hours. And, as per market data, Bitcoin’s (BTC) price is projected to gain for 15 consecutive days, which would be its longest streak since 2017.
Bitcoin’s Crucial Resitance
Cryptocurrency investors are holding out hope that recent rises in Bitcoin could signal the beginning of a recovery in the prices of digital assets; despite the fact that the crypto giant is still miles away from its all-time high, which was greater than $60,000. However, according to Captain Faibik, a prominent crypto expert, BTC bulls need to break through the critical 22k resistance level with greater purchasing volume in order to officially confirm a break out.
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The expert also drew attention to a couple of bullish technical flags that have already been initiated by the price of BTC on the weekly time frame. As per BTC’s weekly chart, the first positive technical flag to be triggered is the weekly RSI, which has already broken the downtrend that had been in place for the past two years. The second indicator was the Hash Ribbon, which recently exhibited a buy signal.
Key Bitcoin (BTC) Price Levels
As per the analysis, Bitcoin’s price will attempt to hit the next resistance level at about $24,770 if buyers are successful in pushing the cryptocurrency’s value above the key $22,000 threshold. After that, the next target will be set at $25,100.
If, on the other hand, the price of Bitcoin is able to break below the falling wedge pattern that is currently displayed on its weekly chart, then there is a possibility that it will drop to a level lower than $13,000. However, in order for this to take place, BTC will have to break below the significant support level of $19,300.
As things stand, the Bitcoin (BTC) price is currently being traded at $21,225. This represents a decrease of 0.22% on the day, in contrast to a gain of 22% during the week as per CoinGape’s crypto market tracker.
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The post Bitcoin Bulls Need to Clear This Key Level For BTC Price To Rally appeared first on CoinGape.
