Bitcoin Price Prediction: Buyers Pump BTC To Reach $20K Mark, Bullish Barrier Is Here To Stop
- Bitcoin price is rising above the trend line above.
- BTC price rose 0.69% during the trading day.
- The daily RSI is extending higher in the sell zone on the daily time frame.
Bitcoin buyers will be relieved this weekend. In November, buyers face intense sales pressure. Although BTC saw a small price correction earlier this month, it fell short of investors’ expectations.
At the moment, investors feel safe after a minor price rise. Many amazing currencies fell and fell in value during the recent crypto meltdown. Bitcoin was one of the currencies that suffered greatly as a result of this meltdown. The announcement of a drop in the bitcoin price caught the market off guard, as it went from a price above $20,000 to the bare minimum.
In the hourly price chart, the Bitcoin price looks positive after a long time. The price action shows higher highs, constructing a bullish trend line (above the chart). Meanwhile, the Bitcoin price against the USDT pair is trading at $16557 at press time. The market capitalization is present at $318.25 billion, while BTC price seems bullish in intraday trade by 0.69%
There are several bullish obstacles amid the bullish way of BTC. as $16800 is last bullish before the $17K mark. Above that, $20K stood to be a red zone for volatility. On the downside, the two-year high at $15476 turned into the key support level if investors do not want to see another decline.
On the daily price scale, the BTC price is approaching the 20-day EMA. Trading volume remained neutral overnight at $18.1 billion. Therefore, buyers may have trouble slowing down this moving line.
However, the RSI and MACD indicators show a positive outlook for bitcoin after a sharp decline. Buyers can make a bullish decision on this positive side.
Conclusion
Bitcoin price is trading near the $16800 mark, which is an immediate resistance. The bulls need to break this bullish barrier to get relief from this strong selling pressure.
Support Level – $15,600 and $15,000
Resistance Level – $18,400 and $20,000
Disclaimer
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
