Bitcoin Price Rise Near 16% Hold Resistance at $23,000

Bitcoin has been on a steady rise over the weekend and seems to get out of the 300 days downward trend. Currently it looks like it is holding steady at a resistance at $23,000. Many analyst have been hopeful of Bitcoin breaking out the price resistance.

Bitcoin Breaking Out Of Descending Trend

Bitcoin Price have risen close to 16% since Sept. 9, breaking out into the long-term descending trend lines which appear to be holding resistance at $23,000.

Previously, according to weekly chart data from TradingViews, the relative strength index of Bitcoin had fallen to lows not seen since 2019 between June 27 and Aug. 15.

Even so,  the metric currently has bounced back from 31 to 38.5. Furthermore, a crossover of the moving average convergence divergence (MACD) has also been seen in Bitcoin, as the purchasing volume rises and the BTC price attempts to break out of its current 90-day range.

Crypto Rover an analyst on twitter also tweeted how Bitcoin broke the “300-day downtrend”. Which he also believes that Bitcoin is at the end of the bear market.

Bitcoin price has simply been range trading ever since Jan. 21, followed by successive bear flags that continue to push prices down to new yearly lows

Today’s and the past 90-day price action is not a deviation from the overhead descending trendline where price has consistently encountered resistance.

Related: White House Threatens To Ban Bitcoin Due To Environmental Impact 

It would be a sign of a trend change or at least a leg up to a new consolidation range for Bitcoin traders if BTC prices could move over the trendline resistance and set a higher high daily above $25,400, or even break through to the 200-MA at $30,000.

With somewhat a similar trend line that happened in the bear market in 2018, maybe we may see a bull run soon in 2022 for bitcoin.

 In the meantime, traders generally avoid going long at long-term resistance and wait to see if the bullish momentum continues or if the prevailing trend persists.

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Jamilatul Mahmudah

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