BTC Technical Analysis: Will Bitcoin Prices Rise Above $20K This Month?

BTC price action struggles to break out of a resistance trendline as the bearish influence grows. But here’s why you consider a spike in buying pressure. Bitcoin (BTC) currently trades above the $19750 threshold and had previously challenged the $19500 weekly support level. The possibility of a bullish reversal is increased by the daily candle’s extended tail-rejection, which is related to its falling volume. Can the possible bull run reclaim the $20,600 level? Key Points: The BTC price trend maintains a declining trend. The bullish RSI divergence projects a bullish breakout hope. The intraday trading volume in Bitcoin is $28.16 billion, indicating an insignificant rise of 17.45%. Source – TradingView BTC Technical Analysis Earlier this week, Bitcoin attempted to bounce higher but fell short of the nearest resistance level of $20750. As a result, the coin price has settled into a tight range between $20750 and $19500. Furthermore, the failed attempt mentioned above slumped the BTC price back to the $19500 mark. On the other hand, the declining volume during this bearish reversal indicates that the seller’s hand is diminishing as we approach the lower support. A bullish reversal could push prices up by 10.5 or 14.5% to the $21900 or $22600 resistance levels. On the other hand, a bullish breakout over $22600 would reduce the negative momentum and strengthen buyers for a $25000 breakout. Conversely, if the Bitcoin price reverses ...