Bitcoin’s price has struggled in recent times as the price could not break past the region of $30,500 and has since remained in a downtrend. The price of BTC hasn’t been much encouraging recently as the price continues its downtrend movement, with the market looking more likely to go lower after closing the weekly price looking bearish.
Other Reading: Bitcoin Price Loses $28,500 – Are Bears In Control Of BTC Price?
The price of most assets continues to be affected, considering the price of BTC falling from its high as many call for a rally to a region of $35,000. This region has become the high of Bitcoin (BTC) this year, considering how tough the recent crypto market has been, as this has brought a bit of relief for most traders and investors.
Despite the uncertainties in the crypto market as a result of BTC price action the price of Binance Coin (BNB) has shown much strength and better price action as it tries to defend its key support region of $300-$320.
If the price of BNB holds above the region of $300, there is a high chance of the price rallying higher, but if the price fails to hold above the region of $300, we could see the price retesting the region of $290 or lower.
Bitcoin Weekly Price Analysis
The price of Bitcoin (BTC) has struggled in the past few weeks after showing some great price action rallying from a low of $27,700 to a high of $31,000, where the price faced resistance to rally higher.
Bitcoin’s price continued to show weakness with other altcoins as it dropped to a low of $27,000, as the price bounced off this region to $27,500. The price of BTC failed to reclaim a high of $28,500, making it increasingly difficult for the price to rally above.
The weekly candle closed bearish as a bearish engulfing pattern indicated the coming weeks could mean a more bearish trend for BTC and other altcoins.
BTC’s current price action suggests we could retest $26,500 to $25,000 before the price rallies to the upside. The price of BTC holding above $25,000 is still healthy for the price as a break and close below this region could send the price to a low of $23,500.
Image from Nairametrics | Chart from Tradingview.com
