Earlier this week, we reported that Bitcoin would soon break through the $21k resistance point given the 4-hour chart of BTC/USD is bullish as the coin has been performing well since the beginning of the week. The performance comes after a bad week in which the total market capitalization fell to around $800 billion.
However, after weeks of being smothered in crimson, Bitcoin is now showing signs of life and has broken through the $21,000 barrier, much to the delight of some crypto investors.
According to Coingecko data, the most sought-after crypto asset is currently trading at $22,200, up 13% in the last seven days.
Bitcoin reclaimed the $20,000 mark on Wednesday, just seven days after falling below it. The cryptocurrency is trading at less than 70% of its all-time high near $69,000 but is still significantly higher than its mid-June selloff low of $18,000.
According to Coingecko statistics, the volume of the cryptocurrency market has decreased by more than 18% in the last 24 hours. As a result, the crypto market volume on Friday was estimated to be $55.25 billion.
Likewise, Harris Financial Group Managing Partner Jamie Cox noted that the market’s Green Day follows rising unemployment claims in the United States, which could indicate that pressure on wages may have now peaked.
Following a move above the $20,500 level, the price of BTC began a steady ascent and tested the $22,200 level, where it encountered selling interest and fell to $22,100.
As a result, the next significant support is near the $21,500 level, below which the price may drop to the $21,200 level. The next significant resistance level is near $22,500; if this level is breached, the price could rise to $23,000. Stay connected with TechGenyz for more updates.