Bitcoin has been on a steady increase over the last two weeks. It has not been on the uptrend for all of this time, but the majority of the time, the digital asset has maintained this upward trajectory. This has seen it touch above $24,000 at one point after bouncing off its strong consolidation point. Now, as the digital asset trails $23,000, a couple of technical levels have begun to form beneath it.
Bitcoin Begins To Form Support
Bitcoin has broken above $23,000 once more, and support has begun to form. After previously losing its footing and falling to $21,000, the digital asset had seen support pushed down to $19,000, but this would change soon after. As bitcoin continues its uptrend, it is now looking at support at $21,000, much stronger than previously established.
Related Reading Source: BTCUSD on TradingView.com
On the other side of this, the digital asset still has some potential to fall back down. This would put it in the direct path of the $21,000 support, but this is unlikely to hold for the long term. The next significant support level would fall to $19,700, which represents the peak of the 2018 bull cycle. Hence, the support put up here would be strengthened compared to that at $19,000. But if this fails to hold, $17,600 would present to be the next important level due to being the current cycle low.
Related Reading
Cathie Wood, CEO of asset manager and crypto ETF issuer ARK Invest, has long maintained…
Larry Dean Harmon of Ohio was officially sentenced Friday for running the darknet crypto mixer…
Crypto analyst CryptoCon recently alluded to a Bitcoin ‘Golden Multiplier Ratio,’ which he suggested paints…
Bitcoin recorded another remarkable price performance in the past week, gaining by 19.16% according to…
Bitcoin is on the move again, surging toward its previous high of $93,257 with renewed…
The Bitcoin price continued its red-hot form over the past week, printing successive all-time highs…