The price of Bitcoin (BTC) has surpassed the expectations of many holding out for the price to continue in its downtrend as many traders looked trapped with no sign of Bitcoin (BTC) going lower as the price of Bitcoin eyes $22,500. The crypto market has seen some relief across all assets, with Bitcoin (BTC) leading the way, rallying and dragging the market. (Data from Binance)
Many altcoins have continued to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.
The beginning of the week appeared skeptical, but things are starting to shape up and look more promising for some altcoins, such as BAND, which rallied over 100% in less than 24 hours, demonstrating the price action and volume for buy orders. The price of BTC has shown strength breaking above $21,200 and holding up pretty well.
After dropping from its high of $25,000 in recent months with so much hype for BTC, the price of BTC has failed to replicate this movement to that shaw price actions by them.
The price of BTC saw its price trade at a high on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $21,000, as the price found itself trading in a range.
Weekly resistance for the price of BTC – $22,500.
Weekly support for the price of BTC – $219,500.
In the daily timeframe, the price of BTC continues to look strong as the price could be set to rally to a high of $22,500 after bulls keep pushing higher of the chart
The price of BTC trades at $21,300, just above the 50 EMA, which indicates a good relief sign for BTC’s price on the daily timeframe could be poised for a major breakout if prices close above $21,500 after facing rejection to trend higher.
The price of BTC needs to close above $21,500 for a chance to rally to a region of $22,300; if the price of BTC fails to break and close above $21,500, we could see price retesting the regions of $20,500 to $21,500 in the coming days.
Daily resistance for the BTC price – $22,500.
Daily support for the BTC price – $19,500-$19,000.