- BTC struggles to break past the region of $25,000 despite showing great price action in the past few weeks
- BTC price could trade lover in prices if the price of BTC fails to hold the key region of $22,700
The price of Bitcoin (BTC) has struggled to show much steam in the past few days as they continue to move in a range as the price failed to break above a key level of interest, acting as strong resistance for the price of BTC.
Despite BTC rallying from its yearly low of $16,700, the price has rallied high to a region of $25,000, bringing much relief across the market as many altcoins rallied over 100% gains in the past month, considering how tough the crypto market has been.
With the price of Bitcoin (BTC) locked in a range price movement for weeks now, it is yet to be determined where the market could be headed, as a break below $22,700 could send the price of BTC to a region low of $21,500, giving bears more opportunity to push price lower.
Bitcoin (BTC) Four-Hourly Price Analysis
After rallying to a high of $25,000, the price of BTC has faced strong resistance to breaking higher to a region of $28,000 as the price has struggled to replicate its steam that has been instrumental in the price rally in the past few weeks.
BTC trades at a key region on the four-hourly (4H) support region of $23,700, acting as a bearish order block for past price rallies in recent times. The price of BTC needs to hold above this region up to $23,000 to remain bullish for the long term, as a break below could send the price to a region of $22,500 and possibly $20,500.
Image from money, chart from Tradingview.com