Bitcoin Price Analysis Ahead Of Its Monthly Close, Will $20,500 Hold As Support?

  • BTC’s price shows strength as it bounces from a downtrend range price rallied to a high of $20,500 with eyes set on $22,000. 
  • BTC might rally more if it creates more bullish biased by breaking out from a downtrend-descending triangle with eyes on rising higher.
  • BTC’s price remains strong on the daily timeframe abo the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

Bitcoin (BTC), displaying a stunning price action, has rallied from $18,800 at its lowest to $21,500 today. It is now more bullish and eyes are set on more rallies before the close of each month. As many altcoins keep delivering over 50% gains, the crypto market looks more welcoming. DOGE has seen some amazing rallies in recent times, rising from a low $0.055 up to a high $0.15. Many others, such as Bitcoin (BTC), continue to be leaders in price recovery. (Data from Binance).

Bitcoin (BTC), Price Analysis on The Weekly Chart.

Bitcoin (BTC), despite its recent struggles to regain it bullish momentum has experienced some relief. After showing such strength at the weekly low, BTC rallied to a high above $20,500. This support region allowed for additional rallies.

The past weeks were nothing but a dull and challenging time for BTC, and all of crypto, as BTC’s price ranged between $18,800 and $19,200. However, it rallied above this area and acted as an obstacle for future price rises. 

After its weekly close of above $20,500, BTC’s price looked stronger as the price of BTC geared up for more upside price moves.It has been rejected by a small number of traders and declined to reach $21,000.

Weekly resistance for the price of BTC – $21,200.

Weekly support for the price of BTC – $20,500-$19,800.

BTC Price Analysis On A Daily (1D), Chart

BTCUSDT Price Chart Daily | Source: BTCUSDT On

The price of Bitcoin continued its strong performance in the daily period. It broke through the downward triangle and reached a peak of $20,000. Volume was high as BTC prices formed support at $20,500. The price of BTC is still facing some rejection. Flipping $21,200 to support could lead to greater upside, to around $22,000 for BTC. 

BTC prices are struggling to break above $21,200. That corresponds to 32.8% Fibonacci Retracement Value (Fib Value); however, if they close we might see a price rise to $22,500 with 61.8% Fib values.

Daily resistance for the APE price – $5-$6.

Daily support for the APE price – $4.5.

32.8% Fib Value – $21,200

61.8% Fib Value – $22,500

Featured Image from zipmex. Charts by Tradingview

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