After registering a 40% rally in the past month, Bitcoin retraced earlier this month and found support this week. It bounced back strongly and broke through the previous resistance level with a heavy surge.
BTC now trades well above the $24k level after bouncing back above $22k and reclaimed several resistance levels without any hassle. So far, it has returned 14% in seven days.
The August 2022 resistance level – $25,250 – is temporarily holding Bitcoin back in its rally after testing that level on Thursday. At the same time, this price level has recently become a nightmare for the bulls as they try to regroup back.
With many positive sentiments surrounding the giant cryptocurrency of recently, we may see more upsurge in the coming week. If Bitcoin repeats last month’s rally, the price will likely hit $29k before the end of this month.
Should the asset find it difficult to extend bullish actions above that resistance level, it may look for a nearby support level to foot a strong buy. The dynamic support to watch in this case lies on the ascending trend line connecting the $20,400 and $21,351 in the past weeks.
The price action is expected to respect this trend line in the next couple of days. If by any means the price manages to collapse this support trend line, the $20,000 and $18,500 levels that Bitcoin left in the past weeks will be the major area of retest.
Bitcoin’s Key Levels To Watch
Considering an increase above the current resistance level, the price target for an upsurge lies at $26,728 before pulling back briefly. A failed pullback could propel the price quickly to $28k within a short period.
In the meantime, the current holding support levels for Bitcoin are $24,277 and $23,463 – the recovery level from Thursday’s drops – followed by $22,306, where the support line lies.
Key Resistance Levels: $25,255, $26,728, $28,000
Key Support Levels: $24,277, $23,463, $22,306
- Spot Price: $24,600
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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