Bitcoin (BTC) trades below $23,000 against Tether (USDT) after weeks of showing strong bullish signs as investors shift sentiments from bull to bear trap.
The price of BTC failed to sustain its bullish structure as it breaks below zones leaving investors confused as Bitcoin trades just above the weekly key zone.
Bitcoin (BTC) Trade Analysis On The Weekly Chart
Weekly BTC Price Chart Analysis Source: BTCUSDT On Tradingview.com
From the chart, the price of BTC saw a weekly low of $22,800, which bounced from that area and rallied to a price of $25,200 after showing great recovery signs in recent weeks.
BTC’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish showing signs of weakness.
The price has struggled to build more momentum as it tries to hold key support.
If the price of BTC on the weekly chart continues with this structure, it could quickly revisit $20,800 acting as key support. The price of BTC needs to hold this support zone to avoid going lower to the region of $19,000.
Weekly resistance for the price of BTC – $22,500.
Weekly support for the price of BTC – $20,800.
Price Of BTC On The Daily (1D) Chart
Daily BTC Price Chart Analysis