Bitcoin has maintained its momentum recently and is now trading above the $20,000 threshold for the first time since the collapse of the FTX cryptocurrency exchange. The value of the major cryptocurrency saw a peak price of $21,438 in the last 24 hours. Based on market data, the price of Bitcoin (BTC) is projected to rise for 15 days in a row, which would be the longest streak since 2017.
Cryptocurrency investors are hopeful that the recent rise in Bitcoin could signal the start of a recovery in cryptocurrency prices, even though BTC prices are still far from all-time highs of more than $60,000. According to Capt. Faibik, a crypto analyst, the BTC price increase needs to break through the critical resistance level of $22k with a larger amount of buying to officially confirm the breakout.
Faibik also provides more information on some bullish technical signs that BTC price has initiated based on the weekly chart. According to BTC's weekly chart, the first positive technical flag to be triggered is the weekly RSI, which has broken the downtrend that has existed for the past two years. The second indicator is the Hash Ribbon, which recently displayed a buy signal.
According to the analysis, the price of Bitcoin will try to reach the next resistance level at about $24,770 if the buyers manage to push the value of the cryptocurrency above the main threshold of $22,000. After that, the next target will be set at $25,100.
However, if the price of Bitcoin cannot break through that resistance level, then there is a possibility that it will fall to a level lower than $13,000. However, for this to happen, BTC needs to break below the important $19,300 support level.
