Major bullish technical signal underway as BTC recovers $20K By

© Reuters – The , which had been stabilizing in a narrow range for several days, showed signs of life on Tuesday as the biggest cryptocurrency on the market tried to break through the key psychological threshold of $20,000 at the time of writing. After reaching a daily peak of $20,157, bitcoin’s rally slowed to a 3.75% high at $19,967.5.

Indeed, a certain revival in risk appetite is boosting financial markets across the board on Tuesday, as several observers estimated that investors are starting to doubt that central banks around the world will remain aggressive in their fight against inflation. , as financial stability risks are increasing, risks that have been highlighted by concerns about the Credit Suisse (SIX:) since yesterday.

But in addition to testing a psychologically important cap, thanks in part to more favorable market sentiment, Bitcoin is also testing a capital chart cap.

In fact, bitcoin is testing the long-term downtrend line that extends from the November 2021 high, which could signal the beginning of an upward reversal from the bottom to the top.

Bitcoin (BTC/USD) - Daily Chart

Now, the next hurdle to overcome for Bitcoin to confirm its bullish potential is the 100-day moving average, currently at $21,133. So, little resistance on the chart can be seen before the $25,000 area. Further afield, traders could target the 200-day moving average currently at $27,830, above the $30,000 threshold.

On the downside, beyond psychological limits, BTC/USD’s yearly low around $17,600 will be the chart’s first significant support.

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