Bitcoin is just a few hundred dollars away from reclaiming the cherished $21,000 level. Bitcoin's price has risen this week, reaching $21,000 on October 26.
Crypto markets have recovered this month in anticipation that the Federal Reserve would reverse its aggressive rate-hiking policy. The Fed is likely to hike interest rates by 75 basis points next week.
BITCOIN The world's largest cryptocurrency broke through the $20K mark for the first time in three weeks on Tuesday, after trading in a narrow range of $18,000 to $24,000 since mid-June.
Following the Oct. 26 Wall Street open, the Bitcoin price climbed above the $21,000 barrier for the first time since September, as buyers consolidated gains. The price burst out of the region of $19,000 to $20,000, where it had been moving almost entirely in recent weeks.
A high near $21,022 was achieved, and the price is presently consolidating gains. Below the $20,800 barrier, there was a small dip. Bitcoin price fell below the 23.6% Fib retracement line of the upward run from the swing low of $19,992 to the high of $21,022.
It is presently trading above the $20,500 mark as well as the 50 hourly simple moving average. A V shape pattern forms on an hourly chart, if BTC crosses $21,000 level then in short term $22,000 level can be seen easily according to the chart pattern.
The Bollinger Bands on the daily time period are reliable and robust, and this week's surge above $21,000 was the expected expansion or increase in volatility.
According to Price Analysis, the market capitalization of this BTC is projected to be $401,654,003,472. The coin's 24-hour trading volume is roughly $42,244,681,314. BTC market capitalization has risen by 3.95%. However, transaction volume fell by 13.99% during intraday trading.
On the upside, an immediate barrier is at the $21,000 level. The first significant barrier is located at the $21,200 level. The next major upside barrier is at the $21,500 level, over which the price might increase to the $22,000 zone. Any further rises might push the price up to $22,800.
If bitcoin fails to break over the $21,000 barrier level, it may begin a downward trend. On the downside, there is immediate support at the $20,700 level. The next big support level is at $20,500, as well as a 50 day hourly SMA. A break and closing below $20,500 might open the way for a test of the $20,000 level.
KEY LEVELS :
RESISTANCE LEVEL : $21,200-$21,900
SUPPORT LEVEL : $20,400-$20,000
After a $1000 up and down, the BITCOIN PRICE is finally set to break over the major resistance of $21,000. Will Bitcoin cross and close above 21,000? Could you please comment on the preceding statement?
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