Bitcoin price bounced off the $15,400 price level and staged a recovery over the past day. In the last 24 hours, BTC has been moving sideways after claiming the $16,000 price mark.
Since the coin is trading sideways at the moment after the recovery, Bitcoin awaits a breakout. The coin will have to move above the $16,600 mark in order for the bears to be invalidated.
Now that Bitcoin is closer to the aforementioned price resistance mark, there could be a chance for BTC to move to the $17,000 price zone.
Buyers need to step up in order for the coin to move above the $16,600 price mark. The coin’s technical outlook confirms that it is trending upward on its chart.
The buying strength has, however, remained low despite an uptick on the one-day chart.
Bitcoin Price Analysis: One-Day Chart
Bitcoin was priced at $16,500 on the one-day chart Source: BTCUSD on TradingView
BTC was trading at $16,500 at the time of writing. After Bitcoin broke past the $15,400 price level, the coin registered positive buying action. This has contributed to the coin’s price rising above the $16,000 mark. The crucial price zone remains at $16,500, and a move above it will be a point of bullish momentum for Bitcoin.
BTC’s overhead resistance was at $17,000, and a move above that could halt bulls at $17,600. BTC will reach a psychological level of $18,000 if it rises above $17,600. The amount of BTC traded in the previous session was green, indicating accumulation.
Bitcoin displayed uptick in buying strength on the one-day chart