BTC Technical Analysis: Monday Motivation Helps BTC Break Resistance

BTC price chart shows a bullish reversal crossing above the resistance trendline and indicating an uptrend reaching the $32K mark. Key technical points: The BTC market value increased by 4.53% in the last 24 hours. The trendline breakout regains the $30K threshold. The 24-hour trading volume of Bitcoin is $22.72 Billion, indicating a hike of 29.05%. Past Performance of BTC BTC prices have been falling in a lower high trend formation due to solid selling pressure near the $31,600 level with a rigid base at $28,575. The falling trend generated a resistance trendline leading to the descending triangle pattern, accounting for a downfall of 9% and keeping the movement trapped for almost three weeks. However, the last night’s recovery broke above the resistance trendline and regained the $30K threshold. Source-tradingview BTC Technical Analysis As the diminishing BTC price range closes and the probability of an uptrend reaching the $32K mark increases dramatically. Additionally, the increase in the volume of trading signals that bullish momentum is rising and thus enhances the probability of uptrend sustainability. Concerning technical indicators, momentum indicators are providing very bullish signals due to the dramatic reversal of the trend. The bullish crossover of DI lines and a turn on the ADX line indicates the trend reverse and a rise in momentum. Additionally, there is the MACD indicator displays an uptrend in both the slow ...