Bitcoin price has shown strength over the past four days as it finally broke through the $19,000 price zone.
Prior to this rally, Bitcoin prices had been strengthening for the past week. Currently, the $18,000 price level is acting as a strong support for the coin.
Although the price of Bitcoin is stable, the price range of $18,000-$19,000 is critical.
If the cryptocurrency fails to trade above its current level and falls around $18,000, the next trading zone will be $15,000. As a result of the relief rally, buyers seem to have returned to the market.
Technical indicators paint a big picture for Bitcoin on the daily chart. For the coin to remain bullish on the daily chart, demand for Bitcoin must remain constant.
The coin can reach 24,000 dollars. However, that price level could be a strong obstacle for Bitcoin.
That could push the price of Bitcoin closer to its support line. If Bitcoin manages to hold above $22,000, there are chances that it could trade around $24,000.
Bitcoin Price Analysis: One Day Chart
BTC was trading at $22,100 at the time of writing. However, a few days later, after strengthening, a relief rally was held.
The coin’s immediate resistance stood at $24,000, but the above-mentioned level could be a strong resistance signal for Bitcoin.
The local support for the coin was at $19,000 and then at $18,000. If Bitcoin reaches $18,000, it may attempt to reach $15,000.
The volume of bitcoins traded in the previous session decreased, signaling increased selling pressure.
Technical analysis
BTC has been flashing signs of optimism over the past couple of days.
It remains to be seen how Bitcoin price will carry above the $22,000 price mark.
Over the past few trading sessions, the outlook for Bitcoin prices has been positive as buying strength has increased.
The relative strength index was above the half line, which indicates that buyers are more than sellers at the time of writing.
Bitcoin price has moved above the 20-SMA line, indicating that buyers are driving price action in the market.
An increase in demand pushes the 20-SMA line to cross the 50-SMA line, thus increasing the possibility of bullishness.
Other Bitcoin technical indicators also seemed to side with the bulls during the press conference. The overall price direction of the coin was positive as shown by the technical indicators.
The Directional Movement Index was positive, with the +DI line above the -DI line. However, the mean orientation index (red) decreased slightly.
This means that price momentum may lose steam. Bollinger Bands indicate volatility, and a narrow opening of the bands means that price volatility is likely.