Bitcoin price seems to be in the control of the bulls as the crypto has rallied. Over the last 24 hours, BTC gained more than 7% on its chart.
In the last week, the crypto’s gain has been more than 8%. This has put Bitcoin in a bullish position as it has managed to cross the $20,000 price mark.
The buyers are back on the one-day chart as the demand for the coin noted a considerable increase.
The bulls might be eyeing the next major resistance mark of $22,000, but there are two other important price levels that the coin has to zoom past.
If the buyers once again exit the market, a price pullback is on the chart. This change in the bullish momentum of Bitcoin has also fueled massive rallies for major altcoins in the market.
The next immediate trading sessions will prove to be vital for the coin as they could decide the further strength of the bulls. A fall from the current price mark will bring BTC back to the $19,000 price zone.
Bitcoin Price Analysis: One-Day Chart
Bitcoin was priced at $20,800 on the one-day chart Source: BTCUSD on TradingView
BTC was trading at $20,800 at the time of writing. The coin has finally been able to break past its long consolidation phase.
Now that the range-bound movement of the coin has ceased, there are important price levels that Bitcoin price has to topple over in order to reach the $22,000 price level.
Immediate resistance for the coin was at $21,100 and the other price level stood at $21,600. If the bulls lose momentum or in the case of a price pullback, Bitcoin price will fall back to $19,700.
The $19,600 still acts as strong support for the coin. The amount of Bitcoin traded in the past session grew, indicating that buying strength also registered a substantial uptick.
Technical Analysis
Bitcoin noted a significant uptick in buying strength on the one-day chart
