The price of bitcoin has remained stable at these ranges for a long time as the bulls have been unable to provide the necessary boost to the BTC price. While a number of events are affecting the price, Voyager Digital being the latest, traders distance themselves from the asset. The asset was trading parallel to the support level for a few days since the start of monthly trading.
However, since last weekend, the asset has developed a significant uptrend, gaining around 7%, maintaining an uptrend line. The asset faced multiple rejections at $20,000 but maintained its trend along an extended channel. Therefore, an immediate break above the $20,400 level shows a possibility.
BTC price traded higher with the 50% FIB level above the $19,300 to $20,732 high and the 100-day SMA. Besides, there is a major bullish trend line forming with support near $19,550 with the next major resistance at $20,500 on the hourly time frame. A decent rise above these levels could open the doors for the price to test the $21,200 level, aiming to secure $21,500.
Conversely, if bitcoin price fails to cross the $20,500 resistance level, the bears may retake control and pull the price closer to $19,500 which is a key support. A rejection from here could also drag BTC price below the $19,000 level to the $18,740 level. Despite the recent volatility, the STAR crypto shows the possibility of rejection as MACD is losing its momentum within the bullish zone.
On the other hand, the hourly RSI is swinging with an average level near 50 and could change according to the induced volumes. So, till then maintain a volatile and erratic trend.