BTC’s Monthly Chart Showing Fresh Bullish Signs as 2023 Kick Off
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BTC’s price has dropped 1.21% over the last 24 hours.
The monthly chart for BTC is showing early bullish signs.
The market leader’s price is now trading near a major resistance level.
Bitcoin (BTC), the crypto market leader, has printed a 24-hour loss of 1.21% over the last 24 hours according to CoinMarketCap. At press time, the price of BTC is trading at $20,689.62. Despite weakening against the U.S. Dollar, BTC has still strengthened against the largest altcoin in terms of market cap, Ethereum (ETH).
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BTC’s monthly chart is starting to show early signs of bullishness as the monthly RSI line is sloped positively towards overbought territory. The monthly RSI line is, however, still positioned below the monthly RSI SMA line. A cross of these two lines will be a very early indication of the market transitioning from bearish to bullish.
The next confirmation of a bullish transition will be BTC’s price breaking above the current monthly resistance level at $22,500. This level is also the current 9-month EMA level. Therefore, overcoming this resistance will be a significant event signaling a market transition for the crypto market leader and all of the other altcoins.
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The weekly chart for BTC/USDT has recently flagged bullish as the weekly RSI line comfortably rose above the weekly RSI SMA line. In addition to this, the weekly RSI line is sloped steeply towards the overbought territory. Although this is a strong bullish sign, traders may want to tread cautiously when entering a long position given the parabolic movement of the weekly RSI line.
Currently, BTC’s price is trading above the 9-week and 20-week EMA line. BTC’s price will now need to break the previously mentioned resistance level at $22,500. A failure to break this level will result in BTC’s price dropping down to the 20-week EMA line.
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