1. Bitcoin price is attempting a fresh increase above the $21,200 resistance zone.
2. Bitcoin corrected lower, but it found support near the $20,500 zones.
3. There is a short-term key bullish trend line forming with support near $21,050 on the hourly chart of the BTC/USD pair.
The Bitcoin market is in a state of flux, with prices hovering around the $21,000 mark. After a few days of consolidating around this level, the world’s largest cryptocurrency is now attempting to break higher. Currently, the price is trading around $21,100 and it could be on the verge of a major breakout if it can clear the $21,200 resistance zone.
The recent surge in Bitcoin’s price has been attributed to a number of factors, including the increase in institutional adoption and the upcoming launch of Bitcoin futures on major exchanges. Furthermore, the recent increase in Bitcoin’s liquidity has helped to boost its price, making it a more attractive asset for traders.
Looking at the technical picture, Bitcoin corrected lower after hitting the $21,500 resistance zone. However, the bulls were able to defend the $20,500 level and the price has since rebounded. There is now a short-term key bullish trend line forming with support near $21,050 on the hourly chart of the BTC/USD pair. If the bulls can push the price above this trend line, then it could signal the start of a fresh bull run.
In addition, if the bulls can break above the $21,500 resistance zone, then it would open the doors for a further rally. On the downside, if the price fails to hold the $21,050 level, then it could retest the $20,500 support zone. If the bears manage to break below this level, then the price could drop towards the $19,800 support zone.
Overall, the Bitcoin market looks to be in a bullish trend and the next few days could be decisive in determining the direction of the cryptocurrency. If the bulls can break above the $21,500 resistance zone, then it could signal the start of a new bull run and the price could rise towards its all-time high of $42,000. On the other hand, if the bears manage to break the $20,500 support zone, then it could lead to a major sell-off and the price could fall towards the $19,800 support zone.