- Bitcoin price is rising above the above trend line.
- BTC price gained 0.69% in the intraday trading session.
- The daily RSI is expanding higher in the sell zone on the daily time frame.
Bitcoin purchasers will be relieved this weekend. In November, buyers face intense selling pressure. Although BTC saw a little price adjustment earlier this month, it fell short of investors’ expectations.
Currently, investors are feeling secure following a minor price rebound. Many amazing currencies plummeted and decreased in value during the recent crypto meltdown. Bitcoin was one of the currencies that suffered greatly as a result of this meltdown. The announcement of a dip in bitcoin price caught the market off guard, as it went from a price above $20,000 to the bare minimum.
In the hourly price chart, the Bitcoin price is looking positive after a long time. The price action shows higher-highs, which constructs a bullish trendline (above the chart). Meanwhile, the Bitcoin price against the USDT pair is trading at $16557 mark at press time. Market capitalization present at $318.25 Billion while BTC price seems bullish in intraday trading session by 0.69%
There are several bullish hurdles amid the bullish way of BTC. like $16800 is most recently bullish before the $17K mark. Above that, the $20K stood to be a red zone of volatility. On the lower side, the two years of $15476 flipped into the key support level if investors don’t want to see another drop.
On the daily price scale, BTC price is approaching the 20-day EMA. Trading volume remains neutral overnight at $18.1 billion. Therefore, buyers may face difficulty in braking this moving line.
However, the RSI and MACD indicators show a positive outlook for bitcoin after a sharp decline. Buyers can take a bullish decision on this positive side.
Conclusion
Bitcoin price is trading near the $16800 mark, which is an immediate resistance. The bulls need to break this bullish hurdle to get relief from this strong selling…
