Bitcoin Price Sits On A Gun Powder As $20,500 Fails; Will Bears Open The Doors?

  • BTC’s price slowed down after showing so much strength as it rallied to a high of $21,000 but got rejected as the price rallied downward.  
  • BTC may experience a retracement if the price falls below the critical support zone, which could hold the price from sellers in the hope of a rebound. 
  • BTC’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).

Bitcoin (BTC), the cryptocurrency, saw some amazing price action, rising from $19200 to $21,000. Then, it faced a rejection back at its support level of $20,500 where bulls attempted to keep sell-offs. There has been some relief in the crypto market, as Bitcoin (BTC), which is showing great momentum, rallies and drags it, has seen some price action. The Federal Open Market Committee is set to meet due to uncertainty in crypto markets. This meeting will be held because investors and traders have been more cautious this time. (Data from Binance).

Bitcoin (BTC); Price Analysis On the Weekly Chart

Altcoins continued to see over 2000% growth in recent weeks, despite breaking away from their range-bound movements. Many believe that more hope is now settling in crypto. 

It was a different week. While many altcoins enjoyed a strong run, Bitcoin (BTC), has struggled with staying afloat before the Federal Open Market Committee’s (FOMC) scheduled meeting to prevent BTC prices falling below expectations. 

Bitcoin’s (BTC) price has had a great run but has faced a setback in rallying past the high of $20,800 to a region of $21,500-$22,000, as anticipated by many. BTC’s weekly close was above $20,000. The price rose to $21,000, but it faced minor rejection and fell to $1.

BTC prices have maintained an upward outlook, above the $19,000.500 critical support level, which was determined to protect this region against sellers.

Weekly resistance for the price of BTC – $21,300.

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

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

BTCUSDT Daily Price Chart, Source:| Source: BTCUSDT On

BTC’s daily price is stable as bulls seek to maintain the price at or above $19,000.500. They also provide strong support for sellers to prevent the price falling.

BTC trades currently at $20,000. This is just below its daily support. After rallying several times from the region to reach a peak of $21,000-22,000, before being rejected, BTC now trades at $20,000. 

BTC must be above this area, which is the Fibonacci regression value of 23.6%. This will prevent bears from takingover and driving down prices to $195,000-$18,000.

BNB may fail to make a break even if they close below $335. This could lead to the price falling to $300-$270. Prices can be supported by good price action. But if prices fall beyond $335, expect to see a rally to 400-$450.

 Daily resistance for the B price – $21,000-$22,000.

Daily support for the BTC price – $19,500.

Featured Image from zipmex. Charts From Tradingview 

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