Bitcoin Technical Analysis: BTC at $21k

Bitcoin has reached a turning point where bulls can take a break. The major cryptocurrency has reclaimed the key $21k level and is trading at $21,600 at the time of writing this article. Bulls will be delighted when the pair begins to move close to important resistance at $22k, where small selling may occur The $21,000 mark is psychologically significant since it was the all-time high of 2017 and assisted the pair in its current free fall for a considerable amount of time. The weekend’s short-term recovery rally has inspired some buying activity as traders anticipate the next week. The volume will play a crucial part in determining how Bitcoin overtakes key resistance levels later on. Bitcoin Price Movement in the Last 24 Hours Bitcoin must show that higher lows are in the offering this week to restore investor confidence. The daily trendline is still falling, but the current $21k price level action is defending this crucial support level. The price has repeatedly slammed the move above the trendline in downbeat bearish legs. Source: TradingView The price has broken above the hourly trendline and is now significantly below the long-term descending channel, which is shrinking. The falling triangle pattern’s upper boundary remains intact. Bitcoin technical analysis indicates that it is unable to respond to short-term optimism. Furthermore, the 50-day moving average and the upper trendline of the falling channel are significant b...