Bitcoin has been performing well since the beginning of the monthly trade as it reclaimed levels above $21,500 for a while. Altcoins also gained bullish momentum, due to which the market cap has regained levels above $1 trillion. Ever since Binance announced the liquidation of its FTT holdings, the entire crypto space, including Bitcoin & major altcoins, has been fighting to survive within the bullish range.
After losing the key support holding off the price, it’s now challenging for the BTC price to reach $17,000. However, the 4-hour chart shows the asset is in a favourable condition after bouncing off of the support below $16,000 a couple of times, displaying the asset losing its demand zone for the bears.
Presently, it is very important for the asset to hover close to $17,000 and surpass these levels, given an opportunity. Meanwhile, the price may certainly not pull a leg up to surpass the crucial resistance which falls along the neckline of the double-bottom pattern. But it may certainly lay down a slow yet steady upswing, to reduce the impact of the bearish influence.
The Bitcoin (BTC) price needs to break the resistance at $18,500, slicing through $17,500, to witness more upticks in the coming days. On the contrary, a breakdown below these regions would be a bear trap as the prices may further go lower. The daily resistance presently is at around $17,434 while the support levels are at around $16,567 at the moment.
Source: https://coinpedia.org/price-analysis/bitcoin-btc-price-gains-some-strength-but-will-it-make-it-above-17500/