Is it time for an escape? Bitcoin Price Pushes Key Resistance Near $23,000

Traders are watching closely for pressure in BTC price at long-term trendline resistance that has already capped previous rallies .

Market Update

On September 12, Bitcoin is doing things with Bitcoin as usual. Since September 9, the price has been breaking out nicely, registering a gain of nearly 16% and rallying to the long-term descending trendline which appears to have resistance at $23,000.

BTC/USDT 1-day chart. Source: TradingView

Perhaps BTC and the wider market are turning bullish ahead of the Ethereum merger scheduled for Sept. 14, or perhaps the elusive bottom has finally been reached. Weekly chart data from TradingView shows that on June 27 and August 15, Bitcoin's Relative Strength Index fell to levels not seen since 2019.

BTC/USDT 1-day chart. Source: TradingView

Currently, the metric has rebounded from an oversold level near 31 to its current level of 38.5. Some traders might also notice a bullish divergence on the metric, where the RSI is following an ascending trendline while Bitcoin's weekly candlesticks are trending lower. Bitcoin's Moving Average Convergence Divergence (MACD) also crossed as buying volume increased and BTC price attempted to break out of its current 90-day range.

As noted in a previous analysis, since January 21, the price of Bitcoin has simply traded in a range in what have turned out to be successive bearish flags that continue to new yearly lows. Price has consistently encountered resistance at the overhead descending trendline and the price action seen today and over the past 90 days is not a deviation for...