• Bitcoin (BTC) is trading in a narrow range between $20,600 and $21,500 as BTC Price stabilizes above $21K.
• Buyers have been working hard over the previous week to keep the price over $21,500.
• If the resistance at $21,500 is overcome, the upward rise will resume in its second phase with expected peaks between $22,781 and $25,212.
The Bitcoin market has been exhibiting some stability as of late, with the price of the leading cryptocurrency stabilizing above $21,000. The BTC/USD pair has been trading in a narrow range between $20,600 and $21,500, as buyers have been working hard to keep the price above $21,500.
The market is currently in an overbought area, which has restricted Bitcoin’s movements. However, if the price is able to return above the $21,000 support line, it could lead to a rise in the price. But, for now, the sellers are still defending the $21,500 barrier level.
In the last 24 hours, Bitcoin climbed as high as $21,639 before falling. This indicates that the buyers are determined to start another rise. If the resistance at $21,500 is overcome, the upward rise will resume in its second phase.
Analysts believe that the second phase could take the price to peaks between $22,781 and $25,212. However, if the buyers fail to break through the resistance, the price could fall back to the $20,000 support level.
At the time of writing, Bitcoin is trading at $21,095.63, with a market cap of $406,448,733,357 and a circulating supply of 19,267,218 BTC. It is currently ranked #1 on Coinmarketcap.
Overall, the Bitcoin market appears to be stabilizing above $21,000. Buyers are working hard to keep the price above $21,500, while sellers are defending the resistance at the same price level. If the resistance is broken, the price could potentially rise to peaks between $22,781 and $25,212.