The price of Bitcoin BTC has struggled to hold above $24,700 against Tether (USDT) after being rejected from that region.
Bitcoin in recent times has shown bullish signs after rallying to the $24,000 mark, with many investors speculating this could be the start of the bull run. The price of BTC was rejected from $25,200 and has struggled to reclaim that region.
Bitcoin (BTC) Price Analysis On The Weekly Chart
Weekly BTC Price Chart Source: BTCUSDT On Tradingview.com
From the chart, the price of BTC saw a weekly low of $19,000, which bounced from that area and rallied to a price of $25,200, making six straight weeks of bullish sentiments.
BTC’s weekly candle closed with a bullish sentiment, but the new week’s candle tends to look bearish, indicating we could have a minor retracement to the next support area of $21,500.
The price has struggled to build more momentum as it faces resistance at $24,000.
If the price of BTC on the weekly chart continues with this structure, it could quickly revisit $21,500, acting as good support for the price of BTC.
Weekly resistance for the price of BTC – $24,000.
Weekly support for the price of BTC – $21,500.
Daily BTC Price Chart
One week after its first attempt, bitcoin (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) is once again approaching the…
Spot ethereum (ETH) exchange traded funds (ETF) in the U.S. saw record daily inflows on…
Ethereum has recently been making waves for the right reasons, providing bullish cues to its…
Japanese crypto exchange DMM Bitcoin will shut down and transfer its accounts and assets to…
XRP (XRP) is on a tear as bitcoin (BTC) struggles to approach $100,000 amid talk…
By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin is starting the week on…