<strong><em>BTC price action shows a bullish growth within a rising channel pattern teasing a price jump to the overhead resistance at $25,335.</em></strong>

<strong>Key technical points: </strong>
<ul>
 	<li>The Bitcoin(BTC) price sustains above the support trendline and prepares for a bull cycle.</li>
 	<li>The bullish reversal rally within the channel will reach the next bearish milestone at $25,335.</li>
 	<li>With a market cap of $449 Billion, the intraday trading volume of Bitcoin has increased by 8% to reach $16.84 Billion.</li>
</ul>
<h2>Past Performance of BTC</h2>
As mentioned in our <a href="https://www.cryptoknowmics.com/news/btc-technical-analysis-will-bitcoin-prices-fall-this-week">previous article</a>, the BTC prices fell the last week within the rising channel due to increased supply pressure at $24,450. The retrenchment accounts for a 5% drop to the $22,500 mark, close to the support trendline of the rising channel. Currently, the price action displays a diagonal trend dragging across the support trendline, struggling to gain bullish momentum.

<img src="https://s3.tradingview.com/snapshots/5/5AXBbI9g.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/5AXBbI9g/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">BTC Technical Analysis </span></h2>
Currently, the BTC prices Display a 5% growth over the last few days, rising with the ascending trendline support. Moreover, the daily candle displays a 2% growth, teasing a start of a potential bull cycle. As the market prices sustain above the 50-day SMA, the supporting SMA takes a positive turnaround reflecting an improvement in the underlying bullishness.

The RSI slope shows a gradual growth in the underlying bullishness as it sustains in the nearly overbought zone. However, the MACD indicator shows a sideways trend in the fast and slow lines as they remain merged above the zero line. Hence the technical indicators maintain a slightly bullish signal supporting the price action analysis.

In a nutshell, the BTC Technical Analysis suggests a high likelihood of a bull cycle reaching the overhead resistance of $25,335.
<h2><span style="font-weight: normal">Upcoming Trend </span></h2>
If the BTC price trend gains momentum, the uptrend will reach the 100-day SMA close to the $25,500 mark. However, a bearish reversal cracking the support trendline will retest the crucial support at the $21,875 mark.

<strong>Resistance Levels:</strong> $24,500 and $25,335

<strong>Support Levels:</strong> $22,500 and $21,875

BTC Technical Analysis: Bitcoin Grows Within Channel Teasing A Jump

BTC Technical Analysis shows a bullish growth within a rising channel pattern teasing a price jump to the overhead resistance at $25,335.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

BTC Technical Analysis: Bitcoin Grows Within Channel Teasing A Jump

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