The primary cryptocurrency – Bitcoin, has increased by roughly 3% since yesterday but kept rolling at a key resistance level. Its dominance share has dropped to 39%, making altcoins turn volatile on greens.
As a result of this, some low-cap coins have registered a substantial gain and have tapped a monthly local peak. Others are still falling and looking for a solid level to take off.
Bitcoin, on the other hand, has attempted to overcome the critical $17k level on several occasions, but it failed and has continued to struggle beneath this level since the start of the year. It is likely to enter the coming week with a surge in volatility.
From the weekly low of $16.5k, the price jumped after adding a few hundred dollars to tap the critical level mentioned earlier. It has formed a bullish pattern on the 4-hour time frame with a series of higher highs and higher lows.
After the price recovered to this critical level on Friday, the cryptocurrency took a break and consolidated there for about two days. It is looking strong again and has pushed to $17.1k at press time.
A continuous increase could cause the price to recover higher at the channel’s resistance forming on the daily chart. It would need to push above $18.5k to trigger a strong buy.
BTC Key Levels To Watch Out For
Interestingly, BTC is breaking out of the $17k level after a halt. However, the first resistance level to watch out for is $17,182, which could likely get tested in a few minutes. Above it lies the $17,632 level and $18.4k, which serves as a short-term breakout level. This breakout is targeted at $20k.
If Bitcoin falls back beneath this broken level and drops below $16,358, the support to keep an eye on is $16k and then $15.5k before collapsing.
Key Resistance Levels: $17,182, $17,632, $18,400
Key Support Levels: $16,358, $16,000, $15,500
- Spot Price: $17,100
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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