Bitcoin (BTC) price has had turbulent times against tether (USDT) as more pain increases for bulls. Despite showing so much strength, the price of Bitcoin (BTC) bounced off from $19,000 in the past weeks to a region of $25,000 as many hoped for more relief to rally to a region of $30,000. The price of BTC faced rejection and has continued to fall with no sign of bears giving up. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
BTC saw a decline in its price from $69,000 to around $18,500, with an over 70% drop from its all-time high. The price of BTC bounced off after touching a weekly low of $19,000, and the price rallied to $25,000, showing some great strength as many set prices and expectations for a rally back to $30,000, but the price was faced with rejection.
The price of BTC on the weekly chart formed a downtrend line as the price continued to respect this resistance line bouncing off to maintain its bearish run. Still, the price of BTC could not break this trendline after a while, with the price being rejected from the trendline resistance.
BTC’s price is trading above the key support of $18,000; the price of BTC needs to hold above this support to avoid the price going lower to $16,000-$15,000. With the price of BTC holding this support, we could have the chance of trading higher to a region of $20,000. A break below $18,000 would mean retesting lower demand zones and reluctance for bulls to step into buy orders as there would be more agitation for lower prices.
For BTC’s price to restore its bullish move, the price needs to break and hold above the trendline resistance preventing the price of BTC from trending higher. If the price of BTC keeps rejecting the trendline resistance, we could see the price going lower as there are more sell orders than buy orders.
Weekly resistance for the price of BTC – $21,000.
Weekly support for the price of BTC – $18,000.
Price Analysis Of BTC On The Daily (1D) Chart
The daily timeframe for BTC prices continues to weaken as prices break to the downside, finding prices in the daily range of June 2022, with prices ranging in a channel having $20,700 as resistance and $18,400 as support.
The price of BTC needs to break out of this range channel with good volume as this will restore a bit of hope and relief for most investors. A break and close below $18,000 would not be good for the structure of BTC as the price would be faced with more sell orders and panic. If the price of BTC breaks and closes above $20,700, we could have a minor relief bounce across the market.
On the daily timeframe, the price of BTC is currently trading at $18,400 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for BTC price. The price of $21,000 and $28,000 corresponds to the resistance at 50 and 200 EMA for the price of BTC.
Daily resistance for the BTC price – $21,000.
Daily support for the BTC price – $18,000.
Featured Image From NewsBTC, Charts From Tradingview
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