Bitcoin (BTC) price has had turbulent times against tether (USDT) as more pain increases for bulls. Despite showing so much strength, the price of Bitcoin (BTC) bounced off from $19,000 in the past weeks to a region of $25,000 as many hoped for more relief to rally to a region of $30,000. The price of BTC faced rejection and has continued to fall with no sign of bears giving up. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Weekly BTC Price Chart Source: BTCUSDT On Tradingview.com
The daily timeframe for BTC prices continues to weaken as prices break to the downside, finding prices in the daily range of June 2022, with prices ranging in a channel having $20,700 as resistance and $18,400 as support.
The price of BTC needs to break out of this range channel with good volume as this will restore a bit of hope and relief for most investors. A break and close below $18,000 would not be good for the structure of BTC as the price would be faced with more sell orders and panic. If the price of BTC breaks and closes above $20,700, we could have a minor relief bounce across the market.
On the daily timeframe, the price of BTC is currently trading at $18,400 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for BTC price. The price of $21,000 and $28,000 corresponds to the resistance at 50 and 200 EMA for the price of BTC.
Daily resistance for the BTC price – $21,000.
Daily support for the BTC price – $18,000.
Related Reading: TA: Bitcoin Price Makes U-Turn, Why BTC Could Tumble to $18K
Featured Image From zipmex, Charts From Tradingview
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