Bitcoin (BTC) price ahead of monthly close, go big or go home
- BTC price is trading below the 50 and 200 EMA on the daily timeframe despite showing some relief.
- BTC rally fizzled as price continued to fluctuate.
- The price of BTC needs to close above $21,500 before the monthly close as bulls sweat over price moves.
The price of Bitcoin showed strength as Bitcoin (BTC) bounced off its weekly low of $18,500 after interest rate hikes negatively impacted its price. The price of Bitcoin has since struggled to regain its bullish run. It has a region of $25,000 with the monthly candle just hours away from closing. Many traders and investors are hoping 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
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, with the price struggling to end the month on a positive note.
BTC’s price needs to close above $21,500 to start a small relief rally, as it has continued to trade at its previous record high and has tested the region several times, with the area acting as support looking weaker with each retest.
BTC needs to break and hold above the $21,500 resistance with good volume to restore a relief bounce. If the price of BTC stays in this current structure and refuses to break higher, we could see it retest the $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
On the daily time frame, the price of BTC continues to trade below key resistance as the price remains in a range to break over to higher highs.
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.
The price of BTC is trading at $19,460 below the 50 and 200 exponential moving average (EMA). The $20,500 and $28,000 prices correspond to the 50 and 200 EMA prices 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 has not been favorable to BTC’s price.
Daily resistance for BTC price – $20,500.
Daily support for BTC price – $18,000.
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