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
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
The price of BTC found strong support at $22,443, with what seems to be an area of interest on the daily chart.
BTC bounced from its support and rallied to $25,200, where it was faced with resistance and was rejected from that region.
The price of BTC has continued to range in a rising wedge after being rejected from the $25,200 mark. Breaking out of this rising wedge to the downside could mean a retest of the $21,500 support area.
At the point of writing, the price of BTC is at $23,800, narrowly above the 50 Exponential Moving Average (EMA), which corresponds to $23,400.
BTC needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BTC to $21,500.
The Relative Strength Index (RSI) for the price of BTC on the daily chart is above 50, but there is a break to the downside on the uptrend line holding the RSI, indicating we could be due for a retracement.
Daily (1D) resistance for BTC price – $24,000.
Daily (1D) support for ETH price – $23,400, $21,500.
Price Analysis OF BTC On The Four-Hourly (4H) Chart
The price of Bitcoin BTC is having a hard time holding above the 50…
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