Bitcoin's Bullish Trend Fails to Break $20,500 Resistance
Even though the price of Bitcoin has been struggling to find its bullish trend, it has failed to break the key resistance of $20,500.
- It is clear that the BTC prices are bearish and that the price is trading on some critical support levels. It is important to watch these levels closely in order to gauge where the market may be headed next.
- It seems that Bitcoin is having a tough time shaking off its bearish ways, as the cryptocurrency currently trades below both the 50-day and 200-day Exponential Moving Averages. Price is struggling to regain any bullish momentum, as bearish forces continue to weigh down on the market.
- The price of BTC needs to break and hold above the key resistance of $20,500 to initiate recovery signs for the price. The market has been bearish for the past few months, and a breakout above this key level could signal a change in trend.
It is clear that the cryptocurrency market is still in a period of consolidation, with Bitcoin (BTC) struggling to break out of the key resistance level of $20,500 against tether (USDT). However, the recent relief bounce in the market has been encouraging, with many cryptocurrencies producing double-digit gains. It remains to be seen whether this positive momentum can be sustained in the coming weeks.
Bitcoin's price is rising on the weekly chart.
It's still early to say for certain, but it looks like BTC may be in for a tough October. Prices have been steadily declining, and many traders and investors are speculating that this downtrend may continue. This could be a tough month for BTC, but we'll have to wait and see how the market develops.
Some experts are predicting that Bitcoin's price could continue to rise after its recent rally. However, others believe that the price may not reach the $30,000 mark as some had expected. It is difficult to say where the price of BTC will go next, but it is certainly worth watching.
The price of BTC may drop to $18,000, but this could be a good thing as it would mean that more people are interested in buying the currency. This could help to increase the price of BTC in the long run.
The price of ETH has been holding above the support level at $18,000, but a drop below this could mean a retest of the $17,500 level. However, BTC has lost the support at $19,000 on several occasions, so this may not be a major support level.
The price of BTC has been on a tear lately, and it doesn't seem to be slowing down. Last week, the price of BTC reached a new all-time high of $21,000.
I see BTC continuing its upwards trend and support at $18,000 proving to be strong. I believe that BTC will continue to be a strong investment in the coming weeks and months.
Price Analysis Of BTC On The Daily Chart
The price of BTC is caught in a descending triangle, with prices struggling to break on either side. The 50 and 200 Exponential Moving Averages (EMA) continue to act as resistance, keeping the price from moving higher. As long as the price remains below these levels, it is likely that the downward trend will continue.
The prices of $20,200 and $26,000 correspond to the prices at 50 and 200 EMA acting as resistance for ETH. This means that ETH is currently in a bearish market, and that investors should be cautious when considering buying into the cryptocurrency.
It is essential for the price of BTC to reclaim $20,500 in order to look safe. If the price falls to $18,000 or lower, it could trigger a retracement to a region of $17,500. This would be caused by panic selling among investors and whales who are waiting for such an opportunity.
The BTC price is currently sitting at $20,500 and it looks like it might continue to rise.
I predict that the BTC price will continue to be supported at around $18,000 per day.