For the past week, Bitcoin is attempting to create sustainability above the psychological crucial mark of $20K. Additionally, after a positive crossover of MA-7 against MA-20, we haven’t witnessed any sharp downfall on the chart.
However, the price level still remains below MA-50 which suggests that there is still a bearish sentiment in the overall market conditions.
On the other hand, the RSI level is showcasing strong bounceback from the oversold region and has formed a rising channel pattern. The current level lies at 44.81. Last time, when the level was above 50, BTC was trading above $30K.
With the ongoing positive trend on a shorter timeframe, BTC is expected to face resistance at $22K and $24K respectively. On the contrary, support levels could be placed at $20K and $18K respectively.
However, the price level still remains below MA-50 which suggests that there is still a bearish sentiment in the overall market conditions.
On the other hand, the RSI level is showcasing strong bounceback from the oversold region and has formed a rising channel pattern. The current level lies at 44.81. Last time, when the level was above 50, BTC was trading above $30K.
With the ongoing positive trend on a shorter timeframe, BTC is expected to face resistance at $22K and $24K respectively. On the contrary, support levels could be placed at $20K and $18K respectively.