- BTC’s price has risen 0.70% over the last 24 hours.
- A falling wedge chart pattern has formed on BTC’s weekly chart.
- Bulls need to boost BTC’s price above $22k to prevent a significant price drop.
The crypto market leader, Bitcoin (BTC), has seen its price increase 0.70% over the last 24 hours. CoinMarketCap shows that BTC’s price is trading at $21,263.89 at press time. BTC’s price has not strengthened against Ethereum (ETH) over the same time period, and BTC is currently down 0.47% against the altcoin leader.
BTC’s price is attempting to break out of a weekly falling wedge pattern. Failure to break out of this pattern will result in a steep decline in BTC’s price.
Captain Faibik, a crypto analyst, tweeted today that BTC bulls will need to clear the crucial 22k resistance level with more buying volume to confirm a break out of the current wedge chart pattern. In the tweet, the analyst highlighted a pair of bullish technical flags that have already been triggered by BTC’s price on the weekly time frame.
The first bullish technical flag that has been triggered on BTC’s weekly chart is the weekly RSI which has already broken the 2-year downtrend. The second is the Hash Ribbon which flashed as a buy signal.
If bulls are able to boost BTC’s price out of the critical $22k level, then BTC’s price will look to target the next resistance level at around $24,770. Thereafter, the next target will be $24,921.77.
On the other hand, if BTC’s price breaks below the falling wedge pattern present on its weekly chart, then it is at risk of dropping to sub $13k. Before this happens, however, BTC will need to break below the strong support level of $19,300.
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