- BTC continues to fall as the market remains bearish. Price trading is on critical support.
- BTC trading below the 50-day Exponential Moving average and the 200-day Exponential Moving Avg. as bullish signals fail to return.
- To initiate price recovery, the BTC price must break the $20,000.500 resistance.
As the Bitcoin price (BTC), fails to breach the $20,500 resistance against tether USDT (USDT), it continues its struggle to find its bullish trend. Bitcoin (BTC), and other crypto assets, enjoyed relief in the previous weeks. This was due to the crypto market capital looking positive for all cryptocurrencies within the industry. Many of these cryptocurrencies have seen double-digit gains. (Data source: Binance).
Bitcoin (BTC). Price Analysis on the Weekly Chart.
Many traders and investors speculate on Uptober because BTC previously showed bullish signs October. However, this time there appears to be a small difference since the BTC price keeps its downtrend.
The price of Bitcoin rose from $18,800 per week to $25,000 at the highest. Many expected it to act as a support or base before continuing to $30,000 but that was not the case.
BTC prices were rejected at $25,000; the market has been struggling to gain its bullishness since then. Most traders expect a decline to around $18,000 because these are high-demand zones for BTC.
ETH trades currently at $19,000. This keeps its price from dropping below $18,000 support. A drop below that zone could lead to a retest at $17,500 or lower. The support level at $19,000 has seen price fluctuations for Bitcoin on numerous occasions, but this was minor support.
Weekly resistance for the price of BTC – $21,000.
Weekly support for the price of BTC – $18,000.
BTC Price Analysis On A Daily (1D), Chart
The daily price of Bitcoin continues to trade below 50 and 200 Exponential moving averages (EMA), as it continues to fluctuate in a descending triangle with no signs of breaking.
These prices correspond with the resistance prices for ETH at 50 and 200 EMA, which are $20,200 and $26,000.
BTC’s price must recover $20,500 to be considered safe. Any drop of more than $18,000 would trigger panic selling, which could lead to investors or whales waiting to take advantage of this chance.
Daily resistance for the BTC price – $20,500.
Daily support for the BTC price – $18,000.
Bitcoin Magazine, Charts from Tradingview