Bitcoin Faces Trilemma, Can $20,000 Hold BTC Price From Weekly Low?

The price of Bitcoin (BTC) in recent weeks has had a remarkable bounce and run from its low of $19,000, with many calling for a bull run. BTC’s price soon faced resistance and was rejected from the $25,200 mark as it formed a bearish rising wedge. The price of BTC broke out from the rising wedge, and BTC has struggled to hold off sell-off ahead of its daily (1D), weekly (1W), and monthly (1M) trilemma close. (Data from Binance)

BTC Price Analysis On The Monthly Chart 
Monthly BTC Price Chart Source: BTCUSDT On Tradingview.com

The price of BTC on the daily chart showed great strength, trying to hold above support areas but was overpowered by bears as the price fell from $25,200 to a region of $19,700 before a quick bounce from the area. 

BTC’s price is currently trading at $20,000, holding the price from going lower; with more buy bids, we could see the price of BTC pushing a bit higher, where it would face resistance at $20,800. 

The price of BTC breaking this resistance at $20,800 could see price trading higher to a region of $22,500-$23,000, acting as the resistance for BTC prices.

The Relative Strength Index (RSI) for BTC daily chart is above 30, indicating more sell orders for BTC.

Daily (1D) resistance for BTC price – $20,800, $23,000.

Daily (1D) support for BTC price – $19,000.

Featured Image From zipmex, Charts From TradingView.com 

The price of Bitcoin (BTC) in recent weeks has had a remarkable bounce and run from its low of $19,000, with many calling for a bull run. BTC’s price soon faced resistance and was rejected from the $25,200 mark as it formed a bearish rising wedge. The price of BTC broke out from the rising wedge, and BTC has struggled to hold off sell-off ahead of its daily (1D), weekly (1W), and monthly (1M) trilemma close. (Data from Binance)

Related Reading: Flow Monitoring: Why This Price FLOW May Not Attract Short-Term Traders

BTC Price Analysis On The Monthly Chart

Monthly BTC Price Chart