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With distinguished market capitalization, Bitcoin (BTC) has been showing bullish signs for the past three days. BTC seeked to overturn August resistance levels on September 10 as whale buys influenced BTC’s value and continued to stay high into the weekly close.
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<source: Tradingview, Bitstamp>
Into the new week, as of September 12, BTC price has reached $22,300 according to CoinMarketCap, increasing by 2.57% in the last 24 hours. During the past week, the price of the coin went as low as $18,640 and as high as $21,760. The BTC/USD trading pair managed to preserve its previous highs even as the low-volume trading circumstances during the weekend threatened to zoom in on any weak point. The push above $21k does lead one to hope for a BTC rebound. Optimistic forecasts suggest $23,000 as the target for the upcoming days remain in place.
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<source: Tradingview>
The recent 1 hour BTC/USDT market chart shows BTC trading above the 200 MA, which signifies an uptrend. Another buy order block can be seen at $21,260, which shows that more traders were buying BTC at that value. The RSI value of BTC/USDT can be seen around 54.08, and has increased since to over 60. Note that any RSI value above 50 would mean the number of buyers in the market is currently more than that of the sellers.
The price of BTC has been moving inside an ascending channel for around 3 days now. It can not be said for sure when it will escape from the channel, nor can we say whether the value of BTC will break out of the upper part of the channel and continue on an uptrend, or if it will break through the lower part and go bearish instead.
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<source: Tradingview>
Meanwhile, among traders and analysts, excitement is visible as we head into the new week. The hype may prove integral in short-term BTC price action. There’s also the Ethereum (ETH) Merge as well as current US inflation reports among the primary catalysts influencing the crypto market.
In the immediate future, the most possible bullish zone BTC may reach is around $24,260, with the possible bearish zone being around $20,494. If the BTC value breaks this bearish zone, it can even go as low as $19,360.
To summarize the crypto environment, we can expect volatility to pick up around next week’s economic data.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.