As the cryptocurrency has climbed, the bulls appear to have control of the BITCOIN price. BTC has risen more than 7% in the previous 24 hours on its chart. The cryptocurrency has gained more than 8% in the last week. This has pushed Bitcoin’s price above $20,000, putting it in a bullish position. Buyers have returned to the one-day chart as demand for the coin has increased significantly.

The bulls may aim for the next significant resistance level of $22,000, but the coin must first clear two important price levels. If buyers leave the market again, a price decline appears on the chart. This shift in Bitcoin’s bullish momentum has also driven enormous rallies for the market’s biggest altcoins.

The next few trading sessions will be critical for the coin, as they will determine the strength of the bulls. A drop from the present price level will return BTC to the $19,000 price range.

Bitcoin (BTC/USD) Technical Outlook

At the time of writing, BTC was worth $20,800 and the coin has finally broken out of its protracted consolidation phase. Now that the coin’s range-bound movement has ended, there are significant price levels that Bitcoin must breach to hit the $22,000 price level.

The coin’s immediate resistance was $21,100, and the other price level was $21,600. If the bulls lose strength or there is a price pullback, Bitcoin may return to $19,700.

Good luck!