Bitcoin price has successfully ranged above $21,700 after undergoing a bullish divergence in the early trading hours. The star crypto now appears to have nullified the bearish impact to a large extent as indicators are closer to a transition from bearish to bullish. However, the volume still remains the prime concern as no significant buying pressure is accumulated.
Mainly due to the erratic behavior of BTC price nowadays, the crypto space seems to be uncertain. Despite technical flash bullish signals, price movement does not confirm the claim. Therefore, any upward push is considered temporary which may soon collapse.
A popular analyst maps the lows for the BTC price that it may hit before a notable bounce.
The analyst believes that BTC price is on an upward move and is making higher and lower levels. But over the past few days, the trend has remained more or less skewed and hence indicates that a new lower may be on the horizon.
Earlier, the lower target for the asset was mapped at around $20,000, but the recent price slash has reduced the target to $17,000. However, these lows are assumed to be reached if the asset fails to hold the prior target.
Currently, bitcoin price is trading at $21,668 while the weekly RSI is at 34. Moving Averages (MAs) 20, 50 and 200 are placed at $26,917, $39,532 and 23,111 respectively. Interestingly, the Bollinger Bands are also maintaining a parallel trend with resistance at $40,084 and support at $13,751.
