Despite bitcoin (BTC) showing bearish signs against Tether (USDT) recently, the price dropped to $18,500, with many traders and investors sweating their long open positions.
Bitcoin (BTC) price rebounded sharply from that zone after diverging sharply on the four-hour chart and showing no intention of halving. (data from Binance)
Bitcoin (BTC) Price Analysis on Weekly Chart
BTC price has had a hard time sustaining the bullish momentum it has shown in recent weeks as the price was rejected from the $25,200 area acting supply zone for most sellers.
BTC has struggled to trend higher after seeing its price drop as it triggered most sell orders, causing the price of BTC to return to its previous all-time highs, causing many concerns. Because the price can go as low as $10,000.
BTC price could face another scenario, but in this case, it is trending higher before the weekly close. Haven rebounded well from previous weekly lows, claiming support at $20,700, BTC ready for a major run to $24,000-$25,000 if the weekly candle closes above $21,700 could.
BTC price looks bullish ahead of the weekly close and could rise even higher as the market looks promising ahead of the new week.
BTC continues to respect the downtrend line acting as resistance for BTC price on the weekly time frame; If BTC breaks this trend line, we could see more bullish sentiment.
Weekly resistance for BTC price – $24,000.
Weekly support for BTC price – $20,700.
BTC Price Analysis on Daily (1D) Chart
The daily time frame for BTC price looks bullish, with the price looking to close the day and week higher. BTC price rebounded from the daily low of $19,000 and it rose to $21,600, where it faced resistance to break this area.
BTC price needs to break above $21,600 and close above it to provide a decent opportunity to rally to the expected $24,000. If BTC price fails to break this area, we can see that the price bounces back to the $20,700 area, which has been a good support area on the daily time frame.
On the daily time frame, BTC price is trading above the $21,500 level and attempting to break above the 50 exponential moving average (EMA). The price at $21,600 corresponds to the 50 EMA, which is a resistance for BTC price.
As BTC seeks to break above key resistance on the daily time frame, it is in line with the 23.6% Fib retracement price of $22,000. The price of BTC holding above this zone would give rise to more bullish sentiment.
BTC’s Relative Strength Index (RSI) is above 50 on the daily chart, indicating high buy order volume.
Daily resistance for BTC price – $21,600.
Daily support for BTC price – $20,700.
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