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
Monthly BTC Price Chart | Source: BTCUSDT On Tradingview.com
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
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com
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