Christmas has come early for Bitcoin investors. The largest cryptocurrency by market cap has registered an impressive bullish run over the past two days. Over the past week, Bitcoin has been up by over 8%.

Bitcoin price analysis

In the last 24 hours, Bitcoin has traded between $20,234 and $20,954, indicating high volatility. During the same time, Bitcoin recorded trading volumes of $58.45 billion, a 28% decline. However, despite the decline, the trading volume is still healthy. At the time of writing, Bitcoin was trading at $20,735.

Since yesterday, Bitcoin has produced a bullish sentiment amid a massive increase in buying pressure. Bitcoin bulls have triggered notable gains across the cryptocurrency market, with many altcoins registering notable gains. The overall crypto market cap is also back above $1 trillion.

The bullish trend in Bitcoin will likely fade because the market has yet to form a solid bullish or bearish momentum. Therefore, a pullback to $20K and possibly $19,500 is likely, after which the price will consolidate at these prices. Therefore, traders that missed the recent rally should be cautious lest they are caught up in a retracement.

The recent gains come after weeks of consolidation in the $19,000 region. Traders need to pay attention to the Relative Strength Index (RSI), which is currently at 39, indicating that the buying momentum has faded and sellers are currently in control. The chances of sellers taking the price below $20K are high.

The Moving Average Convergence Divergence (MACD) line is moving below the signal line, indicating a bearish trend after yesterday’s explosive rally.

If Bitcoin disregards the bearish sentiment and continues with the uptrend, the next major resistance will be faced at $20,950, after which a breakout past $21,000 will be likely. The next upper price targets for Bitcoin are $22,000 and $23,700.

While the general outlook in Bitcoin and the cryptocurrency market looks positive after the recent rally, bulls are yet to take full control, and there is still the possibility of a retracement. However, some traders still believe in going long on Bitcoin at the current price.

As the new month begins, the news of the decision to be made by the Federal Reserve regarding interest rates and how it will control the inflation levels will have a major impact on Bitcoin and the stock markets. Therefore, the hesitance of traders to accumulate more coins at the current price could be attributed to anxiety about the results of the meeting.

Buyers rush to accumulate new cryptos

New cryptocurrencies are becoming a go-to space for investors looking to diversify their portfolios. Some of the best crypto presales to partake in today are Dash 2 Trade, IMPT, and Calvaria.

Dash 2 Trade (D2T) is the next token to explode because of the presale’s success. The presale smashed past Stage 1 after raising $2 million. So far, the D2T presale has raised over $2.6 million. D2T is a utility-packed token as Dash 2 Trade is a platform that gives traders access to trading signals that make trading easier.

The other hot presale is for IMPT. Yesterday, the IMPT presale completed the first stage after raising $10.8 million, and it is now in the second stage. IMPT is the native token for IMPT.io, a cryptocurrency project ideal for ESG investors because it is committed to lowering carbon emissions.

Calvaria is also another major presale happening right now. Calvaria is a blockchain gaming project that plans to transform the P2E gaming space. The RIA presale is also on stage 2 after raising 300,000 USDT. Stage 2 of the presale is already 44% complete.

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