Bitcoin Breaks Through $19,500! Will the BTC Price Reach $20,000 Today?

  • The ongoing battle between bulls and bears may pave way for a breakout of the long-term falling trendline barrier at $20,100

  • According to Arcane Research, the funding rates have turned neutral for the first time in two weeks

Bitcoin prices have been steadily declining since the start of 2022. The bears aggressively overpowered the bulls and pushed the prices lower despite the bulls’ best efforts to raise the prices. Currently, Bitcoin’s dominance is now down to 39.27% and it is trading at $18,720.03.

The market recently had another rally after experiencing a drop. A long-term declining trendline barrier was broken, which caused a price rise. After falling back below $19,000, the BTC price lost a large portion of its intraday gains. This was unfortunate for the bulls since it resulted in an instantaneous loss of the bullish momentum for stocks and cryptocurrencies.

Consecutive bear flags are produced by the ongoing bullish bearish conflict and the breakout at the trendline. The recurring bear flag pattern indicates a persistent downward trend.

According to Arcane Research, given that future prices are still modest and do not significantly increase market risk appetite, Bitcoin’s limited advance above $20,000 is comparatively minor.

Additional Arcane Research data reveals that the funding rates have turned neutral for the first time in two weeks, although traders are unwilling to increase long-term investments due to worries about macroeconomic issues and the lingering risk of harsh crypto legislation.

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