BTC / USD
17,000.54
1.22%
(-209.9)
ETH / USD
1,254.03
2.41%
(-30.96)
XRP / USD
0.39
1.4%
(-0.01)
LTC / USD
79.21
4.39%
(-3.64)
EOS / USD
0.94
1%
(-0.01)
BCH / USD
110.99
3.74%
(-4.31)
ADA / USD
0.32
2.74%
(-0.01)
XLM / USD
0.09
2.53%
(-0)
NEO / USD
7.05
0.75%
(+0.05)
XEM / USD
0.03
0.65%
(-0)
DASH / USD
46.04
2.36%
(-1.11)
USDT / USD
1.00
0.01%
(-0)
BNB / USD
288.70
1.37%
(-4)
QTUM / USD
2.19
1.76%
(-0.04)
XVG / USD
0.00
1.99%
(-0)
ONT / USD
0.19
1.55%
(-0)
ZEC / USD
45.51
1.51%
(-0.7)
STEEM / USD
0.17
2.03%
(-0)

Bitcoin (BTC) Price Ahead Of Monthly Close, Go Big Or Go Home

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  • BTC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength. 
  • BTC rally caught short as price continued to range.
  • The price of BTC must close above $21,500 ahead of the monthly close as bulls sweat over price movement. 

The price of Bitcoin showed strength as Bitcoin (BTC) bounced from its weekly low of $18,500 after the increase in interest rate affected its price negatively. The price of Bitcoin has since struggled to regain its bullish run. It has to a region of $25,000 with the monthly candle just a few hours away from closing. Many traders and investors hope for a better month ahead as the BTC movement has seen little to no volume for a long time. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Monthly Chart

Monthly BTC Price Chart | Source: BTCUSDT On Tradingview.com

On the monthly chart, the price of BTC has seen more downside than upside, falling from a region of $69,500 to a current value of $19,450, where the price is struggling to close the month on a positive note.

BTC’s price needs to close above $21,500 to begin a small relief rally, as it has continued to trade at its previous all-time high and has tested the region numerous times, with the area acting as support looking weaker with each retest.

BTC must break and hold above the $21,500 resistance with good volume in order to restore a relief bounce. If the price of BTC remains in this current structure and refuses to break higher, we could see it retest $17,500 support and possibly a lower support area of $17,000 on the Monthly chart if there is a sell-off.

Monthly resistance for the price of BTC – $21,500.

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

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

Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

In the daily timeframe, the price of BTC continues to trade below key resistance as the price remains in a range to break above to higher heights. 

The price of BTC on the daily chart showed strength to break out above $20,500 as the price faces rejection in an attempt to break out of its range-bound movement. 

The price of BTC trades at $19,460 below the 50 and 200 Exponential Moving Average (EMA). The prices of $20,500 and $28,000 correspond to the prices at 50 and 200 EMA for BTC on the daily timeframe. 

BTC needs to break and close above $20,500 for the price to gain momentum as the current price action hasn’t been favorable for BTC’s price. 

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

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

Featured Image From Dictionary, Charts From Tradingview 

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