for Bitcoin meant an explosive move could be around the corner. Such a move could catch many traders offside. A daily session close above $17.8k would be the first step for a push past the $20k area.Source: BTC/USDT on TradingView
On 8 January, Bitcoin rose above the $17k mark and the RSI also showed strong bullish momentum in the past few days. However, trading volume was not high and remained near the average of the past two months’ daily volume. This could change should BTC breakout past the range high.The area demarcated by the red box showed a bearish order block on the four-hour chart that extended upward to $17,531. This was close to the VAH, which lent it more significance.
Additionally, it remained to be seen where exactly holders will look to take profit as BTC climbs higher, but the $17.8k and $18.4k levels are worth watching.In recent days, the Open Interest also climbed alongside the price to show bullish sentiment on the lower timeframes. This could see a move above the range highs, but caution was still warranted.
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