BTC prepares for a relief rally as bulls take charge 

Over the previous day on the BTC chart, the price of bitcoin maintained a support level after bouncing off the $15,400 price mark.

Ever since then BTC has been fluctuating around the $16,000 price level over the past 24 hours. Bitcoin is waiting for a breakout as it is now trading sideways following the recovery.

The bullish move won’t be valid unless the coin rises above the $16,600 threshold.  There is a probability that Bitcoin will move to the $17,000 price range now that it is getting closer to the aforementioned price resistance level. 

For the coin to rise above the $16,600 price level, buyers must step up. Technical analysis verifies that the BTC chart is on an uptrend. 

Despite an increase in the one-day chart, the buying strength has remained low. 

Bitcoin Price Analysis: One-Day Chart

On the one-day chart, the price of Bitcoin was $16,500 | BTC was trading at $16,500 at the time of publication. Bitcoin saw positive buying activity after breaking through the $15,400 price barrier. The coin’s price has risen past $16,000 as a result of this. The critical price area is still at $16,500, and a rise over it will provide Bitcoin with a bullish impulse. 

Bulls might be stopped at $17,600 by moving above BTC’s overhead barrier, which was at $17,000. If BTC rises above $17,600, it will psychologically surpass $18,000. The previous session’s volume of BTC traded was green, signifying accumulation.

Technical Analysis  

When the coin moved above $15,400 in the middle of this month, buyers’ confidence in the asset returned. The coin had recently crossed into the oversold area. 

BTC showed demand on the one-day chart at the time this article was written. As coin demand started to increase again, the Relative Strength Index began to rise above the 40-point level. 

The following trading session would see a surge above $17,000 if demand holds steady. If Bitcoin exceeds the $16,700 price threshold, it may go over the 20-Simple Moving Average. 

BTC was now trading below the 20-SMA. This demonstrated that market price momentum was still being driven by sellers. 

A buy signal has been established for power bitcoin on the one-day chart. 

BTC also showed the beginning of the buy signal for the coin following the buying intensity. A change in trend and price momentum are indicated by the Moving Average Convergence Divergence. 

Green signal bars on the MACD, which correspond to the purchase signal for BTC, were visible. The Bollinger Bands, which show price variation, shrunk in anticipation of rangebound movement. 

Demand will pick up, giving bulls more to push through the present trading range.

Conclusion 

This week is going to be generally bullish in the crypto market as BTC looks to soar above $17,00 other altcoins will follow in their bullish movement