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Bitcoin (BTC), the world’s largest cryptocurrency, has gained 2.85% in the last 24 hours and has moved above the $22,200 level. According to the technical charts, BTC is trading near the 100-day moving average (MA).
Bitcoin is trading over the $22,000 barrier level against the dollar. BTC could rise further if it breaks over the $22,500 psychological level. After attempted dives below $20,000 last week, the Bitcoin price recovered quickly and is now holding $20K as a strong support level.
<a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" rel="noopener noreferrer nofollow">Bitcoin price</a> increased its pace, breaking over the $21,500 and $22,000 resistance levels. The price even broke through the $22,000 resistance level and the 100 hourly simple moving average.
It recently attempted to break over the $22,500 resistance level. Before the price started to decline, a high was formed around $22,490. There was a drop below the $22,200 level. The price was trading below the 23.6% Fib retracement line of the upward run from the swing low of $21,180 to the high of $22,490.
Bitcoin is now trading over the $22,000 level and above the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there is also a major bullish trend line forming with support at $21,800.
According to Price Analysis, The market capitalization of this BTC is estimated to be $468,097,438,038. The 24-hour trading volume for the same coin is around $46,549,858,659. BTC market capitalization has risen by 2.61%. However, trade volume increased by 16.47% during intraday trading. The market capitalization to volume ratio is 0.1091.
On the upside, a major resistance is located at the $22,500 level. A closing over the $22,500 resistance level might cause a fresh rally. In the mentioned situation, the price might rise to $23,200. Any further advances might push the price up to the $24,000 psychological level.
If Bitcoin fails to break over the $22,500 major resistance level, it may continue to fall below $22,000. The next big level of support is at $21,500. If it fails to maintain this level, strong panic selling might occur, possibly reaching the $20,400 milestone.
KEY LEVELS :
RESISTANCE LEVEL : $22500-$23000
SUPPORT LEVEL : $22000-$21500
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5e026694a2cb4343a05388a2e4ca3fda.png">
What do you think about BITCOIN breaking through $22500 or reversing from key resistance? Let us know what you think by leaving a comment.
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BITCOIN PRICE ANALYSIS : BTC maintains over $22,000, but facing resistance at $22500? Keep an eye on this level.

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