Bitcoin Price Prediction: BTC Price Action Demonstrates Unstoppable Recovery To $20K

• The price of Bitcoin (BTC) has increased rapidly in the last few days.
• The bears are ready to increase the selling pressure near the $18,400 resistance.
• Amid the recovery, buyers have pushed BTC valuations higher by 9.4% so far this month.

Over the past 12 days, buyers have been steadily accumulating cryptocurrency. Looking at the overall crypto altcoins, most altcoins have recovered more than 10% this month as the largest digital currency——Bitcoin inches steady upward momentum.

Gradually the overall crypto market capitalization rose almost 3.4% overnight and was reported at $885.3 billion. This sustained growth will help investors cross the $900 billion mark soon. The high volatility impressed speculators, as a result of which bitcoin’s market cap rose by 4% overnight to reach $349.2 billion.

From December 20 to January 6, speculators saw extreme horizontal movement, but bulls nevertheless found a bullish price pattern on the lower time frame (above chart). The bullish breakout above $17,000 exploited BTC into the skyrocketing zone. As a result, BTC valuation increased by 9.4% in the last 12 days.

Against the USDT, bitcoin price is trading higher at $18,132 at the time of writing, representing an intraday gain of 1.07%. However, the bears are barely defending themselves from a higher rally towards the $18,400 resistance area. Above this area, bulls have an easy way to complete their journey towards $20K in January.

Trading volume represents greater than average buying in the market. Additionally, it increased by 46% to $23.4 billion overnight. Specifically, the buyers should defend the key support – $17,000 and $18,400 resistance – an immediate pumping zone that flips above.

On the daily price chart, buyers turned aggressive as bitcoin price broke above the red zone of the super trend indicator. This positive sign may help the bulls to reach $20K soon.

This most recent bullish hurdle may soon be broken as the BTC price leaves the 100-day EMA (yellow). In fact, the daily RSI is floating in the overbought zone.

Conclusion

For the week, a major bullish hurdle is seen at $18,400. Above this resistance, bulls have room to reach $20K without much trouble. Meanwhile, the technical indicators support the positive trend until it reaches the next round level.

Support level – $17,000 and $16,300

Resistance level – $18,400 and $20,000

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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