Bitcoin Is Trading Above $20,800, Can The Bulls Hold This Zone?

Bitcoin is trading above $20,800, after displaying strong positive indicators for weeks. Now the price of BTC has fallen below $23,000.

Bitcoin Is Trading Above $20,800

As Bitcoin trades slightly above the weekly critical zone, the price of BTC has failed to maintain its bullish structure, breaking below zones and leaving investors perplexed. We have seen an amazing flip from bull to bear market.

Trade Analysis – BTC Weekly Chart

According to the data, the price of BTC fell to a weekly low of $22,800 before rising to a high of $25,200 after exhibiting strong indications of recovery in recent weeks.

The weekly candle for BTC concluded bullish, with the following week’s candle looking bearish and displaying hints of weakening.

The price has failed to gain traction as it attempts to hold important support.

If the price of Bitcoin on the weekly chart maintains this structure, it might swiftly return to $20,800, which serves as major support. To prevent falling below $19,000, the price of Bitcoin must hold this support zone.

Weekly resistance for the Bitcoin price is $22,500.

Weekly support for the Bitcoin price is $20,800.

Price Of BTC Daily Chart

With fresh sell orders, the price of BTC dropped below a rising wedge, shattering crucial support levels.

To avoid panic selling below $20,800, Bitcoin’s price must bounce and create support above.

Bitcoin has demonstrated resilience in maintaining this support; if bulls come in, we might see the price of BTC go upward to a zone of $22,500 functioning as resistance.

BTC is currently trading around $21,300, slightly below the 50 and 200 Exponential Moving Averages (EMA), which equate to values of $23,000 and $28,000, respectively.

On the daily chart, the Relative Strength Index (RSI) for the price of BTC is below 35, indicating sell orders.

The daily (1D) resistance for the Bitcoin price is $22,500.

The daily (1D) support for the Bitcoin price is $20,800.

Price of BTC – 4-Hour Overview

The price of BTC has continued to demonstrate a bearish pattern below the 50 and 200 EMA prices, with $23,000 serving as a barrier.

If BTC fails to hold the support region of $20,800, the price may retest the $19,000 region as the next support area to hold the BTC price. Following the retracement, we would witness a relief rally before BTC’s next move.

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