- BTC price reclaims $27,000 as the weekly close suggests the price could retest a region of $25,500
- BTC price needs to reclaim $28,500 for a more bullish scenario to play out
Bitcoin price has struggled to show bullish price action in recent weeks as price continued to stall below $29,000 for weeks as it suggested the price of BTC could retest its support of $27,700, which has held price from going lower.
Despite Bitcoin’s price movement, meme coins like PEPE, WOJAK, and BOB trended as many made thousands of dollars trading these meme coins, with many traders claiming this could be the start of a bull market.
Many exchanges saw the potential of these meme coins, including PEPE, as Binance listed this coin considering how much volume it has pulled within some weeks and how its market cap rose from a region of $150M to over $1B market cap in a few weeks.
Sometimes meme coin rallying suggests an imminent pullback for Bitcoin price as we saw a sharp price rejection in its rally to a region of $25,800, but the price showed much strength as it rallied away from this region.
Weekly Bitcoin (BTC) Price Analysis
The price of Bitcoin had its first weekly close below $27,000 in weeks as this signals more worry for bulls considering how high the price of Bitcoin has been for the past 3 months.
BTC’s price looks strong as it holds above $26,500 weekly, just above the region of $26,000 to $25,000, acting as support for BTC price.
Bitcoin’s price retested the region of $25,700, acting as support corresponding to the region of 50 Exponential Moving Average (EMA). If the price of BTC loses this region, we could see the price retesting $25,100, acting as good buy order region to open a long position.
BTC Daily Price Analysis
On the daily timeframe, the price of Bitcoin suggests a possible retest of $27,700 as the price struggles below a region of 50 EMA, acting as resistance, and its 200 EMA, which corresponds to $25,100, acts as support, holding the price from going lower.
The price of BTC within $25,100 would be a strong signal to open a long position as traders and investors hope to see BTC trade this low to sweep some price as they ride this crypto asset to the top of $30,000 to as high as $35,000.