Bitcoin Price Surges Above $22,000 But Will The Momentum Last?

Bitcoin price displayed strength over the last four days as it finally broke past the $19,000 price zone.

Bitcoin price was consolidating over the past week before this rally. At the moment, the $18,000 price level is acting as strong support for the coin.

Even though the Bitcoin price has stabilized, the $18,000-$19,000 price range remains critical.

If the cryptocurrency fails to trade above its present level and falls near $18,000, its next trading zone will be at $15,000. Buyers seem to have returned to the market owing to the relief rally.

Technical indicators have also painted a bullish picture for Bitcoin on the daily chart. Demand for Bitcoin has to remain constant in order for the coin to stay optimistic on its daily chart.

The coin could go to $24,000. However, that price level may prove to be a strong barrier for Bitcoin.

That could in turn push the price of Bitcoin to its closest support line. If Bitcoin manages to hold above $22,000, there are chances that it could trade close to $24,000.

Bitcoin Price Analysis: One Day Chart
Bitcoin was priced at $22,100 on the one-day chart Source: BTCUSD on TradingView

BTC has been flashing signs of optimism over the last couple of days.

It is still to be seen how Bitcoin price fares above the $22,000 price mark.

The outlook for Bitcoin price has turned positive, with buying strength increasing over the past few trading sessions.

The Relative Strength Index was above the half-line, which indicated that buyers outnumbered sellers at the time of writing.

Bitcoin price travelled above the 20-SMA line, signalling that buyers were driving price momentum in the market.

Increased demand would push the 20-SMA line to crossover the 50-SMA line, thereby increasing the chance of bullishness.

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Bitcoin could exhibit signs of price fluctuation as seen on the one day chart