- BTC’s price needs to stay above $20,500 for the price to have a chance to rally high to a region of $22,500.
- BTC’s price continues to trend, creating a more bullish bias as the price aim for $22,500, where the price could face resistance.
- BTC’s price remains strong, holding key support on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).
As the Bitcoin price (BTC), which was higher than expected, surpassed many’s expectations. This week saw traders looking trapped as they didn’t see any signs of Bitcoin (BTC), falling as Bitcoin prices look set to rise to $22,500. Although the crypto market saw some improvement across assets, this week has mixed emotions. Bitcoin (BTC), however, dropped towards its support. (Data from Binance).
Bitcoin (BTC), Weekly Chart Price Analysis
Altcoins experienced over 2000% growth in the week prior to breaking out from their range-bound movements. Many believe that more hope is coming back into the crypto space.
The new week hasn’t kicked in like the last as most altcoins have begun to look shaky, dropping off from their weekly highs, including the price of BTC suffering a minor price retracement back to a region of $20,800 just above its key support area of $20,500 after the price of BTC has shown strength breaking above $21,200 and holding up pretty well.
BTC’s weekly close was above $20,500. However, it still appears to be a good price despite falling from the high of $21,500 earlier in the week. BTC is being hyped to rally to around $25,000.
BTC must hold at least $20,500 in order to see a price rally towards $20,500 or possibly even $22,500. If the price falls below $20,500 we may witness price support weekly of $19,500.
Weekly resistance for the price of BTC – $22,500.
Weekly support for the price of BTC – $20,500-$19,500.
BTC Daily Price Analysis (1D) Chart
The price of Bitcoin continues to be strong in daily trading. It could rally to $22,500 after the bulls push higher on the chart.
The price of BTC trades at $20,800 after suffering a minor setback in the price of BTC; the price trades above the 50 EMA, which indicates a good relief sign for BTC’s price on the daily timeframe could be poised for a major breakout if prices close above $21,500 after facing rejection to trend higher.
Daily resistance for the BTC price – $21,500.
Daily support for the BTC price – $20,500.
Featured image from NewsBTC and Charts From Tradingview