The price of Bitcoin (BTC) showed indecision for weeks as the price moved in a range for weeks between $19,500-$20,000, with the price stalling on the next movement. Despite so many expectations of the price having a short squeeze to a range of $21,600 before Bitcoin (BTC) next moves down, this wasn’t the case as the price broke below key support of $19,000. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Weekly BTC Price Chart Source: BTCUSDT On Tradingview.com
After retesting the daily low, the price of BTC bounced but could not trend higher as the price was followed by more bearish signs indicating exhaustion. The price of BTC failed to hold its key support found at $19,000, also acting as the previous all-time high; if the price of BTC fails to reclaim its daily support of $19,000, we could see the price of BTC retesting lower regions.
The price of BTC has continued to show more bearish momentum indicating more sell orders have been placed. BTC price has continued to fall in a wedge as price needs to break out for a relief bounce to a region of $19,500, acting as daily resistance for BTC price.
The price of BTC is trading at $18,900 below its 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe. The prices at $21,600 and $29,000 correspond to the 50 and 200 EMA acting as resistance to BTC price.
Daily (1D) resistance for the BTC price – $20,500-$21,600.
Daily (1D) support for the BTC price – $18,500-$17,500.
BTC Price Analysis On The Four-Hourly (4H) Chart
Four-Hourly BTC Price Chart