It has been a roller-coaster ride for Bitcoin [BTC] and it has been suppressing an upward break for a few days. As the market sentiment improved and as investors continued to inject capital which has led Bitcoin to rise back above the crucial $19K. The psychological level of $20K resistance is yet to materialize. However, the latest uptrend evidenced that the BTC bulls bought the recent dip to $17.6K which drove the price higher.
Bitcoin was currently priced at $19,106 after a minor dip of 0.81% over the last 24-hours. At the time of writing, the cryptocurrency registered a market cap of $354 billion and a 24-hour trading volume of $23.78 billion.
Bitcoin [BTC] Daily Chart:
Bitcoin has resumed an uptrend despite a minor dip. The moving averages continued to support the BTC price candles from a market downtrend. The 50 DMA [Blue] continued to climb aggressively in tandem with the price movement of the cryptocurrency. The 200 DMA [Purple] also rose in response to the increasing price action.
But the rising gauge depicted a bullish phase for the coin.
Bears Faces Stiff Competition
Bitcoin bulls have been aggressively defending the current price level. The Chaikin Money Flow depicted a declining trend nearing the zero-level which happens to be a crucial support point. Hence, while a decline in the capital inflow can be noted, an abrupt downside correction might not transpire yet.
Following the recovery, the RSI pushed above the 50 median line and was in a bullish territory which suggested a rising sentiment of buying pressure among the market participants of the coin market.
Bitcoin’s dominance is currently at 63.52%, thanks to the trend reversal. But will it be enough to push the price to breach the recently established ATH?
Maybe not just yet. The above technicals indicated a period of consolidation in the coming days. Bitcoin’s overhead resistance level was found to be at $19,682 while the support stood at $17,052 and $16,901 respectively.