TA- Bitcoin (BTC) Unable To Hold Above $24,000 Ahead Of Bearish Signs

The price of Bitcoin BTC has struggled to hold above $24,700 against Tether (USDT) after being rejected from that region. 

Bitcoin in recent times has shown bullish signs after rallying to the $24,000 mark, with many investors speculating this could be the start of the bull run. The price of BTC was rejected from $25,200 and has struggled to reclaim that region.

Bitcoin (BTC) Price Analysis On The Weekly Chart
Weekly BTC Price Chart Source: BTCUSDT On Tradingview.com

From the chart, the price of BTC saw a weekly low of $19,000, which bounced from that area and rallied to a price of $25,200, making six straight weeks of bullish sentiments.

BTC’s weekly candle closed with a bullish sentiment, but the new week’s candle tends to look bearish, indicating we could have a minor retracement to the next support area of $21,500.

The price has struggled to build more momentum as it faces resistance at $24,000.

If the price of BTC on the weekly chart continues with this structure, it could quickly revisit  $21,500, acting as good support for the price of BTC.

Weekly resistance for the price of BTC – $24,000.

Weekly support for the price of BTC – $21,500.

Price Analysis Of Bitcoin On The Daily (1D) Chart

Daily BTC Price Chart