Bitcoin managed to break above the resistance level above $21,000 and seems poised for further gains. The cryptocurrency records its first week in the green after relentless selling pressure pushed it to a multi-year low of around $17,000. Related Reading | Why Weakening Bearish Bitcoin Momentum Could Give Bulls The Upper Hand At the time of writing, Bitcoin (BTC) trades at $21,700 with a 5% and 12% profit in the last 24 hours and 7 days respectively. Data from Material Indicators (MI) shows an increase in bid orders for BTC’s price as it moves to $22,000. The cryptocurrency records around $10 million in bid orders at $21,800 and $21,500 alone. As seen below, these levels were previously unprotected and were susceptible to further downside. In lower timeframes, it seems as if investors have been forming a liquidity shield for BTC’s price at its current levels. The current bullish price action was preceded by an increase in buying pressure from BTC whales. MI data shows these large entities have been buying more Bitcoin since the start of July and influenced BTC’s price to the upside. The data shows a slight decrease in the buying pressure, which could indicate BTC’s price will return to a consolidation phase. In order to sustain the bullish momentum, analysts from Material Indicators claimed BTC’s price must stay above $20,000 for the next two days. In order to extend the bullish momentum, the cryptocurrency must reclaim ...
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