$20K Level Could Be Flipped Into Support for BTC This Month

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• BTC’s price has risen more than 4% over the last 24 hours.
• The $20k level could be flipped into support for BTC at the end of the month.
• In related news, the global crypto market cap is up 4.92%.

The price of the crypto market leader, Bitcoin (BTC), has risen 4.36% over the last 24 hours according to the crypto market tracker, CoinMarketCap. This has elevated the price of BTC to above the key $20,000 level. At press time, BTC is trading at $20,188.54. Furthermore, BTC’s price movement is in the green over the last 7 days as well.

The trading volume for BTC has also surged 194.06% over the last day taking the total daily volume to $79,749,216,832.

BTC/USD monthly chart (Source: TradingView)

Looking at the monthly chart for BTC/USD, BTC’s price needs to flip the green level at around $20k back into support to reclaim the green-red macro range, which is between $20k to $23.3k.

If BTC’s monthly close can close above the green level this month then it would set BTC up for a recovery. On the other hand, if the monthly close is below the green level then the price will most likely turn into a resistance zone again.

In related news, the global crypto market cap has risen 4.92% over the past 24 hours to take the total crypto market cap to $978.20 billion. This rise in the market cap can be attributed to the double-digit price gains printed by several of the top 10 biggest cryptos by market cap.

Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) all saw their prices rise by more than 10%. BTC’s latest price increase has seen the market cap for the crypto market leader climb to $387,467,700,923.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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