Bitcoin (BTC) Breaks Out of 331-day Resistance Line. Is a Significant Bounce Incoming?
Bitcoin is still struggling to the $20,000 level, but bullish signals are emerging on the long-term graph.
The king of Cryptocurrency has broken out above the descending resistance level. which has been 331 days since last year.
The bear market on the BTC chart has been going on for 331 days during this time. the price of BTC has no significant bonuses giving long-term investors opportunities.
BTC managed to break above this descending line of resistance while recovering the $20,000 level.
The live Bitcoin price today is $19,945.21 with a 24-hour trading volume of $28,829,342,527. Bitcoin is down 0.93% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $382,386,917,291 USD. It has a circulating supply of 19,171,868 BTC coins and a max. supply of 21,000,000 BTC coins.
BTC price statistics the price change in 24 is $181.73 of 0.90%, 24h Low is $19,864.57 and 24h High is $20,294.39 with 39.97% Market Dominance
The global crypto market cap is $956.76B, a 0.77% decrease over the last day.
The total crypto market volume over the last 24 hours is $51.23B, which makes a 15.78% decrease. The total volume in DeFi is currently $2.97B, 5.80% of the total crypto market 24-hour volume. The volume of all stablecoins is now $47.46B, which is 92.64% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 39.97%, a decrease of 0.06% over the day.
Furthermore, the breakout from the 331 days resistance level is not confirmed on the daily RSI. the indicator has right now failed to break out or even reach its descending resistance level.
The short-term resistance level is in the range of $20,200 to $20,400. it is located near the 0.5 FIB retracement level.
If the rising support line were to be validated once again a short-term BTC decline to the $19,200 area is not out of the question.