Bitcoin Price Sits On A Gun Powder As $20,500 Fails; Will Bears Open The Doors?

• BTC’s price slowed down after showing so much strength as it rallied to a high of $21,000 but got rejected as the price rallied downward.  
• BTC could suffer retracement as the price breaks below the crucial support area, holding the price off from sellers with hopes of a rebound. 
• BTC’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).

The price of Bitcoin (BTC) showed some incredible price action as the price rallied from a low of $19,200 to a high of $21,000 before facing a rejection back to its key support of $20,500, where bulls had tried to hold sell-offs. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. With uncertainty in the crypto market, the Federal Open Market Committee are set to hold their meeting because most traders and investors have maintained more caution this time. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. 

The new week looked different, as many altcoins have had a good run, and Bitcoin (BTC) prices have struggled to stay afloat ahead of the scheduled Federal Open Market Committee (FOMC) to hold off BTC prices from losing going lower than expected. 

Bitcoin’s (BTC) price has had a great run but has faced a setback in rallying past the high of $20,800 to a region of $21,500-$22,000, as anticipated by many. After its weekly close of above $20,500, the price of BTC rallied to a high of $21,000; the price faced a minor rejection to break higher to a region of $1.

The price of BTC has maintained a strong outlook above its crucial support form at $19,500, determined to defend this region from sellers.

Weekly resistance for the price of BTC – $21,300.

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 be strong as bulls try to hold the price above its key support zone at $19,500, forming strong support to hold off the price from sellers.

BTC currently trades at $20,100, just above its key support on the daily timeframe after successfully rallying from this region several times to a high of $21,000-$22,000 before being rejected. 

The price of BTC needs to hold above this region which corresponds to the Fibonacci retracement value at 23.6%, to avoid bears from taking over and driving the price down to a low of $19,500-$18,800.

If BNB fails to break and close above $335, we could see the price retraced to $300-$270, acting as good support for prices, but if the price breaks past $335, we would expect a rally to a high of $400-$450.

 Daily resistance for the B price – $21,000-$22,000.

Daily support for the BTC price – $19,500.

Featured Image From zipmex, Charts From Tradingview