Bitcoin Faces Key Decision Above $20,700, Will Price Rally To $21,500?
The price of Bitcoin (BTC) has continued to hold strong as price trends toward the region of $21,000 as price faces a key decision ahead of a big move considering how tough breaking these regions has been for Bitcoin (BTC) price for some time now. The past few days have seen the crypto market has looked more decent, with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. With Bitcoin price rallying from $19,000 to a region of $20,800. (Data from Binance)
Related Reading: Ethereum Price Holds Strong at $1,500: A Strengthening Case for Upside
Bitcoin (BTC) Price Analysis On The Weekly Chart.
Bitcoin has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of BTC hasn’t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of $18,500 to a high of $25,000 before facing rejection from that region.
After having BTC’s price trade in a range for weeks as the price continued its boring move from $18,800 to $19,200, the price finally showed some steam, rallying to a high of $20,800 after closing strong above $19,500 on the weekly chart.
The price of BTC faces a tough decision to rally to a high of $21,500 as this could trigger more upside movement to a region of $23,000 and possibly $25,000. With the structure of BTC and good volume, we could see more rallies if the price is accepted from above $21,000.
Weekly resistance for the price of BTC – $21,500.
Weekly Support for the price of BTC – $19,500.
Price Analysis Of BTC On The Daily (1D) Chart
In the daily timeframe, the price of BTC continues to trade below the key resistance at $21,600. After breaking out from its descending triangle, BTC’s price rallied with good volume from $19,500 to a region of $20,800 as the price faces a key decision time to trend higher.
The price of BTC needs to break and hold above $21,600 for the price to trend higher to a region of $22,000 and possibly $32,000, which is a key supply zone for most traders. The Fibonacci retracement value of 38.2% indicates BTC is struggling to close above this value. A close above this value will enable a price rally to a 50% Fibonacci ratio corresponding to $21,600, acting as key resistance for the BTC price
Daily resistance for the BTC price – $21,000-21,600.
Daily Support for the BTC price – $19,500.