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
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