In the last 24 hours, the price of bitcoin has registered a rebound. In that time frame, the coin has risen 3%. It has also helped other major altcoins turn green at press time.
BTC is up almost 8% in the past week. Claiming the $21,000 mark will not be a difficult move for the bitcoin price if the bulls continue to push.
The technical outlook has again turned to the bulls. Buyers have control over the price in the market. The demand for property has also increased.
The possibility of a fall in prices cannot be completely ruled out. The coin has to barrel through its upper resistance in order to touch the $21,000 price mark.
Even if the coin revisits the $21,000 level, it is important that BTC trades above that level for the bulls to stay afloat, leading to a broader trend change.
There could be a tough resistance at $20,800 for bitcoin price. Clearing that level could help move the coin to $21,000.
Bitcoin will need to break above the $21,200 price range if it moves above the $21,000 price level, in order to continue its bullish thesis.
Bitcoin Price Analysis: One Day Chart
At the time of writing, BTC is trading at $20,700. Bitcoin price has again reclaimed the $20,700 price level as it plunged south on its chart over the past two days.
If demand persists, BTC will attempt to trade near the $21,000 price level. The upper resistance of the coin was $20,800.
BTC could reach $21,000 if it breaks above this level. Another major resistance mark awaits for BTC at $21,600.
A crossover from the above level could be the start of a broader trend change.
On the other hand, a loss of $20,700 would bring BTC to $20,300 and then to $19,600.
The volume of BTC traded in the previous trading session was in the green, indicating that buying power had increased on the charts.
At the time of writing, BTC is showing declining buying power, however, the coin has shown a bullish correction on its charts.
The last time BTC recorded buying power in this volume was about 8 months ago. The relative strength index crossed the 60-mark, which suggested that there was more buying power than selling pressure.
Bitcoin price was above the 20-SMA line, which indicated accumulation in demand and buyers were driving the price momentum in the market.
Other technical indicators are also showing bullish signals on the charts.
Bitcoin has a buy signal on the chart, indicating that the coin may be on the move.
Moving Average Convergence Divergence indicates the price momentum and strength of price action.
MACD formed a green signal bar on the half-line, which was a buy signal for the coin.
The Directional Movement Index was optimistic, which meant that the price direction stabilized and was bullish. The +DI line was above the -DI line, which represented positive price action.
The Average Directional Index (red) was below the 20-point, but formed an uptrend, indicating that momentum would strengthen.