Bitcoin Struggles To Break Past $19,500 As New Twist Surfaces, Here’s What To Expect
The price movement of Bitcoin (BTC) has shown some great price action lately as the price garnered momentum to bounce from a low of $18,200 to $19,800d against tether (USDT). Despite the strength shown by the price of Bitcoin (BTC), it has struggled to reclaim $19,500, which is key for a rally to the region of $20,000. Ahead of the weekly close, it is yet to be known if the price of BTC will rally to the upside or downside, as many traders are left in a dilemma. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
The week has been packed with so many events in the crypto space, but a notable one was the sharp decline in the crypto market after the release of the CPI news; the market appeared to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours and then back up to a range high of $19,800 before rejection back to $19,200. This price action seems more of manipulation with so much price volatility in a short time. With the possibility of Bitcoin Dominance (BTC.D) rising to a high of 45%, altcoins could suffer more if BTC retraces.
The price of BTC has struggled in recent times to restore the strength it showed, rallying from a region of $18,700 to $25,000. BTC’s price declined from $25,000 to a weekly low of $18,800-$19,300. The has since struggled to breakout from this range.
BTC’s price needs to reclaim $19,500 with good volume for the price to restore a measure of relief for BTC price and altcoins. If the price of BTC fails to close above $19,500, we could see the price retesting the low of $18,800-$18,200.
Weekly resistance for the price of BTC – $19,500.
Weekly support for the price of BTC – $18,800-18,200.
Price Analysis Of BTC On The Daily (1D) Chart
The daily timeframe for the price of BTC has been more of a struggle to
breakout from its descending triangle could spark some relief and bounce to the high of $20,500 and higher with strong buy volume.
BTC’s price trades at $19,130 as the price continues its range movement
as the price forms a descending wedge below the 50 Exponential Moving Average (EMA); the price of $20,200 corresponds to the 50 EMA, acting as resistance for the price to break higher.
Daily resistance for the price of BTC – $20,200.
Daily support for the price of BTC – $18,800.