- BTC price reclaims $17,000 as the price could rally to a high of $18,500, where the price could face a tough resistance
- BTC price shows signs of relief after the price reclaimed the 50 Exponential Moving Average (EMA) on the daily timeframe
The price of Bitcoin (BTC) in recent weeks has shown so much strength rallying from a low of $15,700 to a high of $17,200, with the market looking better than in previous weeks.
After having a weekly close above the key region of $16,700, the price of Bitcoin (BTC) has continued to hold above this region, giving traders and investors more signs of a rally toward the $18,500 mark acting as a strong resistance.
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Bitcoin (BTC) Weekly (1W) Price Analysis
Despite the uncertainty that has persisted in previous weeks, with much fear and uncertainty of the crypto market becoming a scam, the price of Bitcoin (BTC) and other altcoins have shown great strength as the market aims to have a minor relief.
The price of BTC has shown some great strength after a while, as the price closed above $16,500 since the collapse of FTX and its saga that has had a negative effect on the price of BTC and other altcoins.
BTC’s price, after closing above the region of $16,500, rallied to a high of $17,200 as bulls could push the price to as high as $18,500, where the price will face previous all-time high resistance.
A break and close above the region of $18,500 could mean more rallies as the price of BTC would rally to a region of $19,500 to $20,800.
If the price of BTC fails to break the region of $18,500, we could see the price retracing back to a region of $16,500, acting as a temporary support zone for the BTC price.
BTC Daily (1D) Price Analysis
On the daily chart, the price of Bitcoin (BTC) faces resistance to breaking above $17,500, which corresponds to the 50 Exponential Moving Average (EMA) acting as resistance for the price of BTC.
A close above $17,500 could see the price of BTC retest the high of $18,500, which has served as key resistance for BTC price after being lost to the bears.
The price of BTC continues to move in a range as the price prepares for a major break above the region of $17,500, acting as resistance to the price.
Major Resistance On The Daily Chart – $18,500
Major Support On The Daily Chart – $16,500
Image from Businessday, Chart from tradingview
