Bitcoin Finally Closes First Daily Candle Above $20,000 In 24 Days

The world's biggest cryptocurrency, Bitcoin (BTC), finally closed its first daily candle above the $20,000 price level in over 24 days Tuesday.

The newfound momentum of the market continued Wednesday as Bitcoin held above the $20,000 price level, which was last seen on Sept. 17, as per CoinMarketCap.

Interestingly, Bitcoin has been trading in the range of $18,000 to $24,000 for the past few months, and $20,000 marks a critical support level that the bulls are pushing to take over.

If it retains the $20,000 price zone despite the bearish momentum prevailing in the market, we can see BTC retest the $24,000 price region like in August this year.

Additionally, if we take into account two of the most important indicators in the market, which point out if an asset is being bought, sold or held, it is clear that in the short term, Bitcoin is being accumulated.

These indicators are the Relative Strength Indicator (RSI) and the Accumulation/Distribution line.

In the daily chart below, the RSI line shows a positive gradient with a steep rise in the past few days. This means the buyers are in control of the price action of Bitcoin. The value of RSI is also above 50, at 55.51, an indicator that the selling pressure overwhelms the buying pressure.

The Accumulation/Distribution line in the daily chart below backs the fact that buyers are currently buying BTC after significant sell-offs in the past few days. The gradient of the line is positive and making new higher highs after forming lower lows in September, which means the accumulation of Bitcoin is currently in motion as demand has increased.

Robert Kiyosaki, author of the bestselling book "Rich Dad, Poor Dad," recently pointed out that if the U.S. Fed continues its rate hikes, Bitcoin, gold and silver will go lower. He advised his more than 2 million followers on Twitter to go on a buying spree.

"When FED pivots and drops interest rates as England just did you will smile while others cry," Kiyosaki said in a tweet.