Bitcоin

Bitcoin Price Prediction Sincerely Targeting $25K Level if Bulls Break Resistance Trendline Soon

Bitcoin Price is rising after the September price drop. Previous market sellers closed an aggressive selloff near $17622 – the latest 52-week low and BTC price rebounded from this level again. But before bouncing back, the price has consolidated for over 10 days to record strong bullish momentum.

The Bitcoin price accumulation phase last week provided the kick-start of a primary bullish rally in October. In the last 4 trading sessions, the bulls were extremely aggressive as compared to other trading sessions. Also, the trading volume is in favor of the bulls, as the volumes topped $30 billion over the past three days.

Source: BTC/USDT by Tradingview 

Crypto investors are happy just because of Bitcoin price closing above the $20k-red zone of volatility. Bitcoin price has confirmed higher price sustainability as buyers closed two day price closing above this zone. But still, bears are not leaving this market and they may again attempt sell-off near the bearish trendline. 

Why Does Bitcoin Price Prediction Hint at $25K Levels Ahead?

Investors are participating in the gathering of Bitcoin price after $20K turned into immediate support. Thus BTC crypto is trading at $20,242 mark at press time, along with 0.4% intraday gain. 

Source: Coinglass

As per Coinglass, the open interest of Bitcoin futures on Binance has increased at $4.322 Billion in recent price rise. It shows buyers really influenced by the rapid bounce back in BTC price and they making new longs. 

The Open Interest (OI) hints the beginning of an uptrend. The Bitcoin price prediction indicates a $25K level as a next step for bulls if they interrupt the bearish trendline with massive trading volume. 

Bulls Barely Manage BTC Above 50-DMA in Intraday Session

Source: BTC/USDT by Tradingview 

Buyers have registered a recovery of around 6% so far this week as trading volumes have gradually increased. If buyers manage to hold enough trading volume, bitcoin price could register a significant bullish rally towards the $25K level. However, the trading volume last night was $36 billion.

On the daily price chart, buyers successfully escaped the 20-day moving average amid a recent rise. Now they barely manage to keep bitcoin price above the 50-DMA to avoid a short-term decline. Moreover, the RSI remains above the semi-line after 20 days, which shows a positive trend in BTC.

conclusion

At the current price level, both buyers and sellers have an opportunity to dominate the Bitcoin price. If buyers manage to break out of a bearish trendline, Bitcoin price predictions are showing the $25K level as the next stop.

Resistance level- $20,500 and $25,000

Support level- $19,000 and $17,622

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

   

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