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BTC Technical Analysis: Will Bitcoin Break Above $21,875?

BTC Technical Analysis: Will Bitcoin Break Above $21,875?


Cryptoknowmics
2022-09-12 07:17:10
BTC Technical Analysis: Will Bitcoin Break Above $21,875?

BTC price chart shows the buyers struggling at the $21,875 resistance level due to the heightened overhead supply teasing a reversal. A vertical rise in Bitcoin (BTC) price after rebounding from the $18,800 level suggests strong demand at this level. In addition, the coin price approaches a local resistance of $21800 barriers implying new breakthrough prospects for speculators. However, volume activity is yet to corroborate this idea, and a decline in value may prompt countermeasures. Key Points: The BTC price action shows a power struggle at the $21,875 supply zone. The sellers at $21,875 dominate the price trend resulting in a higher price rejection. The intraday trading volume in Bitcoin is $40.31 billion. Source – TradingView BTC Technical Analysis The current collapse in the crypto market entirely wipes the July-August profits and plunges the Bitcoin (BTC) price below the lowest support of $18750. As a result, the traders responded to this significant accumulation zone by instantly raising the price. The restocked upside trend soared the price for four straight days, recording a 16% rise. The substantial volume activity increase throughout this rally enhances the buyers’ interest in this discounted price. The bullish movement wiped out a moderate barrier at $20750 and reached another at $21,875. The coin price presently struggles to exceed the resistance due to increased selling pressure leading to higher price rejection ...

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