As bulls feel more pain, the Bitcoin (BTC), price has been volatile against USDT (tether). Although Bitcoin’s strength was evident, its price rose from $19,000 to around $25,000 over the weeks. Some hoped that more support would allow it to rise to the $30,000. BTC prices fell after being rejected. There is still no sign that the bears have given up. Data from Binance
Bitcoin (BTC), Price Analysis on The Weekly Chart
BTC’s price dropped from $69,000 at around $18,500 to about $15,500. This is a drop of over 70% from the all-time high. BTC’s price bounced back after hitting a weekly low at $19,000. The price rose to $25,000 which shows some strength. However, many had expectations of a return to $30,000 and set high prices. But the market rejected the price.
On the weekly chart, the BTC price formed a downtrend as it continued to follow the resistance line and bounce off. This helped to keep the bearish trend going. The trendline resistance was not broken by the BTC price, and the price fell.
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. The support price for BTC is holding steady, so we may see a rise to $20,000. If the price of BTC falls below $18,000, it will be necessary to test lower demand zones. This would also mean that bulls may not want to enter buy orders because there is more pressure 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. The price could fall if the BTC price continues to resist the trendline resistance. There are also more sell orders that there are buy orders.
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
BTC prices continue to fall as the price of Bitcoin continues to slide to the downside. BTC prices are now in the daily range from June 2022 to June 2022. The channel has $20,700 support and $18,400 resistance.
BTC’s price must move out of the range channel. Good volume and hope will bring some relief to investors. BTC would have to break below $18,000 in order for it to be stable. If the price drops, panic would ensue and more sell orders would occur. A minor rebound could be possible if BTC closes at above $20,000.
The price of Bitcoin is trading at $18,400 per day below its 50- and 200-exponential moving average (EMA), which acts as resistance to the BTC price. BTC’s resistance level at the 50/200 EMA is found between $21,000 and $28,000.
Daily resistance for the BTC price – $21,000.
Daily support for the BTC price – $18,000.
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