Bitcoin price analysis borders bullish territory as buyers have held the price above $22,100. Buyer confidence appears to have returned to the crypto market as most major coins are trading well above the support zone.
Even the market cap of the crypto market is already above the psychological $1 trillion mark. So is the bear market phase of the crypto market over?
It is impossible to predict the end of the bearish phase with one increase in price action.
However, continued price action above the $21,000 support area created confidence among the bulls, according to Bitcoin Price Analysis. If the bulls manage to maintain momentum despite resistance, a move towards $25,000 could occur in the near term.
Bitcoin price analysis shows that the BTC/USD pair was lingering near $20,900 region close to the 20-day exponential moving average.
BTC/USD moved firmly above the $22,000 area by breaking the resistance area inside the descending symmetrical triangle. The ‘Relative Strength Index’ indicator shows 55 reading on the hourly charts reflecting a higher bias in the price action.