- BTC price is showing strength as it bounces off a high volume downtrend range and aims to rally to $21,500.
- BTC is facing a major decision test to trend up above $21,000 after the price broke out of its downward descending triangle price action.
- BTC’s price remains strong above the 50 Exponential Moving Average (EMA) on the daily timeframe as the price aims for further rallies.
Bitcoin (BTC) price has continued to hold strong as the price action heads towards the $21,000 region as the price is facing a major move considering how tough it is for the price of Bitcoin (BTC) has been breaking through these regions for some time. Over the past few days, the crypto market has been looking decent, with Bitcoin (BTC) and Ethereum (ETH) showing some big price action lately. With bitcoin price surge from $19,000 to $20,800 region. (Binance data)
Bitcoin (BTC) price analysis on weekly chart.
Bitcoin has struggled to regain its bullish momentum of late; Despite the uncertainty that has swept the crypto space, BTC’s price has not enjoyed some relief after showing so much strength on the weekly chart, recovering from a low of $18,500 to a high of $25,000, before being rejected by that region.
After weeks of BTC price trading in a range as the price continued its boring move from $18,800 to $19,200, the price finally showed some steam and recovered to a high of $20,800 after falling strong on the weekly chart had closed above $19,500.
The price of BTC is facing a tough decision to rally to a high of $21,500 as it could spark another upward move to a $23,000 and possibly $25,000 region. With the structure of BTC and good volume, we could see more rallies if the price above $21,000 is accepted.
Weekly resistance for BTC price – $21,500.
Weekly support at the price of BTC – $19,500.
BTC price analysis on the daily chart (1D).
Daily BTC Price Chart | Source: BTCUSDT on Tradingview.com
For the intraday, BTC price continues to trade below the key resistance at $21,600. After breaking out of its descending triangle, the price of BTC surged from $19,500 to a region of $20,800 with good volume as the price faces a key decision time to trend higher.
The price of BTC needs to break and sustain above $21,600 for the price to rally to a region of $22,000 and possibly $32,000, which is a key supply zone for most traders. The 38.2% Fibonacci retracement level indicates that BTC is struggling to close above this level. A close above this level will allow the price to rally to a 50% Fibonacci ratio equal to $21,600, which acts as a key resistance for BTC price
Daily resistance for BTC price – $21,000-$21,600.
Daily support for BTC price – $19,500.
Featured image from `, charts from Tradingview
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