Price Analysis

Analyst Maps Important Levels for Bitcoin (BTC) Price That Might Be a Good Entry for Positions

Published by
Sahana Vibhute

In the early hours of trading, the price of Bitcoin soared past $20,000 and kept on rising. The asset is attempting to break through the key resistance at $20,800 and seize the levels above $21,000 before the close of trading. Now that it has recovered from the demand zone, the price is anticipated to continue on an important upward trend. 

The trading volume has significantly increased, which might maintain the bullish momentum. Although there has been a significant upswing, the trend reversal may not yet have been confirmed because the BTC price is still moving in a bearish direction. Therefore, michael van de poppe , a well-known analyst, marks a few key levels that should be closely monitored through the end of the week. 

The analyst thinks that the critical level needs to be attained at first at about $20,700, after which the next testable target could be at about $22,900. However, if the price doesn’t increase, it might experience a significant decline. The BTC price might need to remain at $20,000 in such an event. Additionally, the asset’s final line of defence may be between $19,300 and $19,500, after which it may revert to a bearish trap. 

Bitcoin experienced a sizable short liquidation during the early trading hours, which allowed the price to increase significantly past $20,200. A day close above the gained levels would indicate a significant rebound at the moment when the BTC price is trading close to these levels. The price, however, might continue to trade under the bearish trend until it surpasses the crucial resistance level of $22,500. 

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Recent Posts

Bitcoin (BTC) Price To Fall Further In December, Claims Top Analyst

Bitcoin price has endured a choppy 2022, with market strategists struggling to point out the…

December 2, 2022

Will Ripple’s Possession of XRP Tokens Create a Problem in the Ongoing Case?

With the issuing of a Summary Judgment, the long Ripple vs SEC case which had…

December 2, 2022

Top 3 Altcoins For December 2022:-BNB, MATIC, LINK Price to Explode Very Soon!

After the fresh price slash, Bitcoin's price appears to be quite uncertain as it is…

December 2, 2022

Oryen Network Leads Staking Revolution With 250% Price Increase With Many Aptos, Tron And Cosmos Holders Investing

Oryen (ORY) breaks new ground by offering investors a stable APY, unlike Aptos, Tron, and…

December 2, 2022

Fantom (FTM) Price Ignites a Giant Move, Poised for a 50% Upswing to Reach $0.5 in the Next 2 Weeks!

The crypto space had undergone a significant upswing in the past couple of weeks as…

December 2, 2022

Rasta Beach Club – The Free Mint NFT Collection Expected To Light Up The Ethereum Blockchain

Rasta Beach Club is a generative NFT Art collection. The bright & vibrant collection combines…

December 2, 2022