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- BTC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength.
- BTC rally caught short as price continued to range.
- The price of BTC must close above $21,500 ahead of the monthly close as bulls sweat over price movement.
The price of Bitcoin showed strength as Bitcoin (BTC) bounced from its weekly low of $18,500 after the increase in interest rate affected its price negatively. The price of Bitcoin has since struggled to regain its bullish run. It has to a region of $25,000 with the monthly candle just a few hours away from closing. Many traders and investors hope for a better month ahead as the BTC movement has seen little to no volume for a long time. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Monthly Chart
On the monthly chart, the price of BTC has seen more downside than upside, falling from a region of $69,500 to a current value of $19,450, where the price is struggling to close the month on a positive note.
BTC’s price needs to close above $21,500 to begin a small relief rally, as it has continued to trade at its previous all-time high and has tested the region numerous times, with the area acting as support looking weaker with each retest.
BTC must break and hold above the $21,500 resistance with good volume in order to restore a relief bounce. If the price of BTC remains in this current structure and refuses to break higher, we could see it retest $17,500 support and possibly a lower support area of $17,000 on the Monthly chart if there is a sell-off.
Monthly resistance for the price of BTC – $21,500.
Monthly support for the price of BTC – $18,000.
Price Analysis Of BTC On The Daily (1D) Chart
In the daily timeframe, the price of BTC continues to trade below key resistance as the price remains in a range to break above to higher heights.
The price of BTC on the daily chart showed strength to break out above $20,500 as the price faces rejection in an attempt to break out of its range-bound movement.
The price of BTC trades at $19,460 below the 50 and 200 Exponential Moving Average (EMA). The prices of $20,500 and $28,000 correspond to the prices at 50 and 200 EMA for BTC on the daily timeframe.
BTC needs to break and close above $20,500 for the price to gain momentum as the current price action hasn’t been favorable for BTC’s price.
Daily resistance for the BTC price – $20,500.
Daily support for the BTC price – $18,000.
Featured Image From Dictionary, Charts From Tradingview
