Bitcoin (BTC) has shown signs of bearishness against Tether (USDT) as the price has recently fallen to $18,500, but many traders and investors are sweating on their long open positions.
After a major divergence on the four-hour chart, Bitcoin (BTC) price quickly broke out of that range and showed no intention of stopping. (Data from Binance)
Bitcoin (BTC) price analysis on weekly chart
BTC price has had a hard time maintaining the bullish momentum it has shown in recent weeks as the price has rejected the supply zone around $25,200 for most sellers.
This triggered many sell orders and BTC struggled to rally after seeing its price rise.
The price of BTC may face another situation, but in this case, its trends are higher before the weekly close. Haven bounced well from the last weekly low, and by claiming support at $20,700, BTC could be ready for a major run to $24,000-$25,000 if the weekly candle closes above $21,700.
BTC price looks bullish ahead of the weekly close and may rise further as the market looks promising ahead of the new week.
BTC continues to respect the lower line, which acts as resistance for the price of BTC on a weekly time frame; If BTC breaks above this trendline, we could see more bearish sentiments.
Weekly resistance for BTC price – $24,000.
Weekly support for BTC price – $20,700.
BTC price analysis on daily (1D) chart
The daily time frame of the BTC price seems to be overvalued, prices are looking to close the day and the week at a higher level. The price of BTC dropped from $19,000 on a daily basis, and the price rose to $21,600, with resistance to break above this range.
BTC price needs to break above $21,600 and close above it to have a good chance of rallying to the expected $24,000. If the price of BTC fails to break this range, we can see the price retesting the $20,700 range, which is a good support for the daily time frame.
On the daily time frame, the price of BTC is trading at $21,500, trying to break and hold above the 50 Exponential Moving Average (EMA). The price of $21,600 corresponds to the 50 EMA, which is resistance for BTC price.
BTC is looking to break the high resistance in the daily time frame, which corresponds to the 23.6% Fibonacci retracement price at $22,000. BTC price above this range leads to more bullish sentiments.
The relative strength index (RSI) of BTC is above 50 on the daily chart, which indicates a high buying volume.
Daily resistance for BTC price – 21,600 dollars.
Daily support for BTC price – $20,700.
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