Price action over the last 14 hours placed Bitcoin in the trend tables as it retested levels it hasn’t since the past month. The move has left many traders bullish as to price performance in coming days.
One analyst took this as a strand of a composite sign that the bear market is coming to an end. As a result of the most recent feat, BTC marks its sixth consecutive day of consistent price increases.
The uptrend started on Wednesday as the apex coin retested a level it hasn’t in more than 60 days. It is safe to say the bulls defended the $18,700 which yielded more results. For example, the apex coin saw its largest surge on Friday when it closed with gains exceeding 10%.
It opened at $19,300 and closed at $21,300, marking the first time the $21k resistance was tested in more than fourteen days. The largest cryptocurrency by market since then continued to enjoy little increases leading up to the most recent milestone.
The derivative market is not as active as before. One indication of this is the current number of open interests. The current trading volume is $30 billion as opposed to $40B in previous months.
Nonetheless, $188 million got REKT in the last 24 hours. 65% of the total liquidation were from short positions. In response to the move to $22,4o0 , several indicators are hinting at further price movements.
Bitcoin Surges Above its Pivot Point
As per the Pivot Point Standard, it is safe to say bitcoin may continue to enjoy uptrends. Its current price indicates that it is exchanging above its pivot point. The Relative Strength Index is another bullish indicator.
The metric has been on a steady rise since Wednesday and is at 60. The Moving Average Convergence Divergence is also on the uptrend. For example, the 12-day EMA is about breaking out with the 26-day EMA slowly closing the gap.
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Source: https://coinfomania.com/bitcoin-price-analysis-btc-surge-above-22k-for-the-first-time-since-august/