June 22, 2024

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Bitcoin Plays Ping Pong As Price Continues In A Range, Where Is Price Headed?

2 min read
Bitcoin Plays Ping Pong As Price Continues In A Range, Where Is Price Headed?
  • BTC prices continue to trend downwards as prices remain bearish, with price trading on critical support. 
  • BTC trades below 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs. 
  • The price of BTC needs to break and hold above the key resistance of $20,500 to initiate recovery signs for the price. 

The price of Bitcoin (BTC) continues to struggle to discover its bullish trend as the price fails to break the key resistance of $20,500 against tether (USDT). Bitcoin (BTC) and other crypto assets enjoyed a relief bounce in previous weeks that saw the crypto market cap looking good for cryptocurrencies across the industry, with many producing double-digit gains. (Data from Binance) 

Bitcoin (BTC) Price Analysis On The Weekly Chart.

Despite many traders and investors speculating on Uptober as BTC has previously shown bullish signs in October, in this case, there seems to be a slight difference as the price of BTC keeps maintaining a downtrend structure.

After the price of BTC rallied from a weekly low of $18,800, the price went to a high of $25,000, as many expected the price to form a base or support before continuation to a high of $30,000, but this was never the case.

The price of BTC was rejected at $25,000, and the price has since struggled to regain its bullish strength as many traders are anticipating a drop to the region of $18,000 as these zones have been identified as high-demand areas for the price of BTC.

ETH currently trades at $19,000, holding its price from falling below the support it has formed at $18,000; a drop below this zone could mean a retest of $17,500 and lower. Although, the price of BTC has lost the support at $19,000 on several occasions as this has been minor support. 

Weekly resistance for the price of BTC – $21,000.

Weekly support for the price of BTC – $18,000.

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

In the daily timeframe, the price of BTC continues to trade below the 50, and 200 Exponential Moving Averages (EMA) as the price continues to range in a descending triangle, with prices struggling to break on either side.

The prices of $20,200 and $26,000 correspond to the prices at 50 and 200 EMA acting as resistance for ETH.

The price of BTC needs to reclaim $20,500 for the price to look safe; a drop to $18,000 and lower could trigger a retracement to a region of $17,500 due to panic selling with investors and whales waiting for such an opportunity.

Daily resistance for the BTC price – $20,500.

Daily support for the BTC price – $18,000.

Featured Image From Bitcoin Magazine, Charts From Tradingview