BTC Technical Analysis: Is Bitcoin Coming Back Above $20K This Week?

BTC price action shows a surge in bullish momentum to avoid a drop below $18,850 and challenges the sellers to regain the $20K mark. The BTC price chart shows a bullish retaliation at the $18,850 support level to avoid a downtrend continuation to the 52-week low of $17,600. Moreover, the technical indicators support the possibility of a bullish turnaround to regain the $20K mark. So should you consider buying Bitcoin below the $20K level? Key Points: The BTC price action shows a bullish growth of 2.59%. The resistance trendline breakout will push Bitcoin price by 10%. The intraday trading volume in Bitcoin is $32.79 billion. Source – TradingView BTC Technical Analysis The BTC prices avoided a downfall below the crucial support level of $18850 with a bullish piercing candle of 2.59% growth. Moreover, the spike in the intraday trading volume support is a bullish candle that increases the possibility of a bull cycle. The bullish reversal comes within the falling wedge pattern, which comes as an early reversal before reaching a support trend line. Hence, the possibility of a bullish breakout of the resistance trendline increases, which may propel the prices above the psychological mark of $20,000. Currently, the price action displays a Doji candle forming near the resistance trendline, reflecting the sellers at the trendline asserting dominance. If Bitcoin (BTC) prices exceed the resistance trendline, the bulls may propel them to ...