The cryptocurrency market is turning bullish once more after recent pullbacks. Bitcoin (BTC) is leading the pack after reclaiming the ground past $19,000. BTC/USD has lived through peaks and troughs in the present week. The lead crypto hit another multi-year high of $19,873 and got close to the all-time high of $20k in the prior session. After its recent attempts, the price consolidates at $19k as BTC/USD prepares to defeat the dominant barrier at $20k. BTC is attempting to stabilize after hitting an intraday high at $19,340. The Bitcoin (BTC) market cap is currently $350 billion, with $43.1 billion traded in the past 24 hours. The current spot price is down almost 2% in 24 hrs while hovering at $19,000 during the time of this post. Bitcoin is in a firm bull trend for the moment, with analysts noting that institutional buying may lead to a firmer floor as any dips are bought aggressively. Institutional crypto fund manager Grayscale is more aggressive and sees Bitcoin bull run. As outlined in a Grayscale report, the trust’s holdings are worth over $9 billion and represent 2.69% of Bitcoin’s (BTC) outstanding supply and market cap.
*The lead crypto hit another multi-year high of $19,873 and got close to the all-time high of $20k in the prior session
*BTC is attempting to stabilize after hitting an intraday high at $19,340
*Institutional crypto fund manager Grayscale is more aggressive and sees Bitcoin bull run
Resistance Levels: $20,500, $20,000, $19,500
Support levels: $18,000, $17,000, $16,200
BTC/USD Daily Chart: Bullish
BTC/USD Daily Chart
The sharp drop seen the day before saw BTC/USD hit $18,109 after 3 consecutive days of a bull run to a high of $19,873. On the daily chart, the Relative Strength Index (RSI) has shown a decisive rebound. While a technical correction is likely shortly, buyers may struggle to control the price if it doesn’t return to $19,500.
Above this level is the next resistance beyond its all-time high of $20,000. On the other hand, initial support is located at $16,200 (static level) ahead of the daily MA 50 zone at $15,300, which could act as a protection against unexpected sell-offs. While the technical outlook suggests a correction after the recent sharp decline, the BTC/USD upside target remains at $20,000 and above.
BTC/USD 4-Hour Chart: Bullish
BTC/USD 4-Hour Chart
Bitcoin has staged a short-term pullback after setting a new multi-year trading high under the psychological $20,000 level. It is attempting to stabilize above the $19,000 marks, following the steep drop towards the $18,000 support area. Technical analysis shows that BTC/USD bulls may test towards the $20,000 level and beyond if price stabilization above the $19,500 level occurs.
To the downside, a daily price close under the 4 hour MA 50 and $18,250 level could cause the BTC/USD pair to plunge towards the $17,500 region. The BTC/USD pair is only bullish while trading above the $18,500 mark, resistance is at the $19,500 and the $20,000 levels. If the BTC/USD pair trades under the $18,500 mark, sellers may test the $18,000 level and beneath the $17,500 mark.
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