- Despite showing relief strength, BTC prices trade below 50 and 200 EMA per day.
- BTC price range continued, but the rally was too short.
- BTC’s price must be above $21,500 before the monthly close, as bulls are obsessed with price movements.
Bitcoin’s price rose after it recovered from its weekly low at $18,500. This was due to the negative impact of an increase in the interest rate. Since then, the price of Bitcoin has struggled to recover its bullish run. The monthly candle is closing in a matter of hours and it has fallen to $25,000. Investors and traders hope for better months ahead, as BTC has been moving at a slow pace for quite some time. (Data from Binance).
Bitcoin (BTC) price analysis on the Monthly Chart
The monthly chart shows that the BTC price has experienced more negative than positive changes. It fell from $69,500 in the region to $19,450 at the current price.
BTC’s price needs to close above $21,500 to begin a small relief rally, as it has continued to trade at its previous all-time high and has tested the region numerous times, with the area acting as support looking weaker with each retest.
BTC needs to break above $21,500 resistance and maintain good volume to have a chance of a rebound. BTC could retest $17500 support if it does not break above its current level. If there’s a selloff, the monthly chart may show $17,000 as a support zone.
Monthly resistance for the price of BTC – $21,500.
Monthly support for the price of BTC – $18,000.
BTC Daily Price Analysis (1D) Chart
BTC’s daily price is trading below its key resistance, but the price has the potential to rise to greater heights.
BTC’s daily chart price showed strength and broke above $20,500. The price is now facing rejection to try to get out of its range bound movement.
BTC trading prices are $19,460 lower than the Exponential Moving Averages (EMA) of 50 and 200. Prices of $28,000 and $20,500 correspond to daily prices for BTC at the 50 and 200 EMA.
BTC needs to break and close above $20,500 for the price to gain momentum as the current price action hasn’t been favorable for BTC’s price.
Daily resistance for the BTC price – $20,500.
Daily support for the BTC price – $18,000.
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