The overall crypto market is up again, with Bitcoin showing a sign of recovery from the late 2022 low. While BTC dominance dropped to 39.6%, most altcoins have witnessed a strong recovery over the past 24 hours.
Today’s 1.5% increases in Bitcoin’s price have triggered a moderate buy action amongst the intra-day traders.
The primary cryptocurrency is showing a sign of strength. But there’s not enough volatility to push the price through the $17k level at the moment. We can expect a huge buying pressure as soon as trading volume increases.
From a technical standpoint, the market structure still looks bearish on the daily time frame. We can see that the descending channel has continued to hold price actions for the past five months.
Another thing to consider for the bearish sentiment is the swing low and swing high pattern, which puts Bitcoin at $15.6k and $18.4k in the past weeks of trading.
However, following the steady recovery from $16.3k, Bitcoin could witness a significant increase in the coming days if the price breaks out of this channel. A successful channel breakout will confirm a short-term reversal. Bitcoin’s trend is neutral.
Bitcoin Price Analysis (BTCUSDT): Daily Chart
Bitcoin’s volatility has dropped a bit and has brought the trading price to $16.8k due to low buying pressure. If the price bounces back and surpasses the $17k level, there’s a close resistance level at $17,182 and $17,632.
The next resistance to watch above this level is $18.4k, where the orange zone lies. A breakout could surge the price to 21k in no time.
On the other hand, Bitcoin has found temporal support at $16,358. If this support fails to sustain bullish momentum, the price could slip to $16k before rolling down to the 2022 low of $15.5k. A breakdown would trigger a fresh price decrease.
Key Resistance Levels: $17,182, $17,632, $18,400
Key Support Levels: $16,358, $16,000, $15,500
- Spot Price: $16,960
- Trend: Neutral
- Volatility: Low
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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