- The price of Bitcoin (BTC) has had a rough week against tether (USDT) as the price plummeted following the Federal Open Market Committee news (FOMC). Following the news that the Federal Reserve raised its target interest rate by 75 bps, the price of Bitcoin (BTC) fell from $19,700 to a region of $18,100. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
The price of BTC continues to struggle to keep its head afloat after seeing the weekly candle closing bearish, with the new week looking more bearish ahead of the expected FOMC meeting.
BTC price tried showing some relief bounce ahead of the new week as price moved to a region of $19,500, but this bounce was cut short as the news of an increased rate hike harmed the price seeing the price of BTC drop to previous all-time high causing worry as this has been a strong support zone for the price of BTC.
If the price of BTC continues to tap this region of $18,100, it will weaken the support, and we would likely revisit lower support areas of $17,500-$16,000, acting as high-demand zones.
For BTC’s price to restore its bullish move, the price needs to break and hold above $24,000 as the price has continued to respect the downtrend resistance on the weekly chart preventing the price of BTC from trending higher since falling from its all-time high.
The price of BTC is currently faced with resistance to breaking above $19,500; If the price of BTC fails to break and hold above this support zone, we could see the price going lower to its $18,100 support and lower if this support fails to hold off sell orders.
Weekly resistance for the price of BTC – $19,500.
Weekly support for the price of BTC – $18,000-17,500.
Price Analysis Of BTC On The Daily (1D) Chart
The daily timeframe for BTC prices continues to move in range in an asymmetric triangle; the price of BTC needs to break out of this range with good volume for the price to trend to a high of $20,800.
On the daily timeframe, the price of BTC is currently trading at $18,900 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for BTC price. The price of $20,800 and $28,000 corresponds to the resistance at 50 and 200 EMA for the price of BTC. The price of BTC needs to reclaim 50 EMA for a chance to trend to $22,000.
Daily resistance for the BTC price – $20,800.
Daily support for the BTC price – $18,100.