- BTC’s price shows strength but has struggled to break past $19,500 as the price continues to move in circles.
- BTC recovered from $18,200 low after price rally to $19,800. However, sellers rejected it.
- BTC’s price is trading below the 50- and 200-exponential moving averages (EMA), ahead of its weekly close.
Bitcoin (BTC’s) price movement has seen some remarkable price action recently as it gained momentum from a low at $18,200 and climbed to $19,000. This was against the USDT. The strength of Bitcoin’s (BTC) price has not allowed it to recover $19,500. This is crucial for any rally towards $20,000. As many traders find themselves in an uncertain situation, the future of Bitcoin (BTC) is still unknown. Data from Binance
Bitcoin (BTC). Price Analysis on the Weekly Chart
This week was jam-packed with events, including a sharp drop in crypto markets after CPI news. Bitcoin (BTC), which dropped from $19 200 to $18,200 within hours, then climbed back up to an area high of $19 800 before being rejected back to $19,000. The price movement seems to be more indicative of manipulation, with such high price volatility within a relatively short period. Altcoins might be affected more by Bitcoin Dominance rising up to a maximum of 45%.
BTC prices have struggled to recover their strength, rising from $18,700 to $25,000 in the region. BTC’s price declined from $25,000 to a weekly low of $18,800-$19,300. This range has been a barrier to the Bitcoin price rise.
BTC’s price needs to reclaim $19,500 with good volume for the price to restore a measure of relief for BTC price and altcoins. BTC could revert to the $18,800-18,200 low if the price does not close above $19,000.
Weekly resistance for the price of BTC – $19,500.
Weekly support for the price of BTC – $18,800-18,200.
BTC Daily Price Analysis (1D) Chart
It has been more difficult to determine the daily price range for Bitcoin.
Breaking out of its downward triangle can provide some relief. The high could reach $20,500 or higher with strong volume buys.
BTC’s price trades at $19,130 as the price continues its range movement
As the price falls below the 50 Exponential moving average (EMA), the $20,200 price corresponds with the 50 EMA and acts as resistance to allow the price to rise.
Daily resistance for the price of BTC – $20,200.
Daily support for the price of BTC – $18,800.
Featured Image from NBTC Charts From Tradingview