BITCOIN PRICE ANALYSIS CMP-$19400 The 100-day simple moving average may initiate

[Coin_Gabbar]

Bitcoin has shown some strength during today's trading session after revisiting the bottom of a key trendline.
 The benchmark cryptocurrency has been trading in a narrow range between $18,500 and $19,500, but the monthly close may favour a spike in volatility as bulls and bears fight for this candle.

Bitcoin has experienced a lot of investors at $18,500 against the US dollar. BTC is regaining strength, and a sudden increase above the $20,000 barrier level is possible.

Bitcoin's price has dropped from above the $20,000 pivot level. BTC fell below $19,000, however bulls were active at the $18,500 support zone.

The price appears to be strongly supported at the $18,500 level, with multiple rejections visible in the same area. The price is now rising, and it has broken over the $19,000 barrier level. The bulls pushed the price above the 50% Fib retracement level of the decline from the swing high of $20,383 to the low of $18,487.

Bitcoin is currently trading above $19,000, with the 100 hourly simple moving average hovering around $19240. On the hourly chart of the BTC/USD pair, a short-term channel is forming with support at $19,280.

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