- BTC rallies higher as bulls face a test to break above $25,000
- BTC on the weekly chart faces decision time as the price remains in a weekly range despite a price rally
The price of Bitcoin (BTC) has gone from strength to strength, rallying from a low of $15,700 as the price shows much relief bounce in recent weeks with much speculation on the horizon that this could mean the bottom is in and a start of a major rally known as the bull run.
The crypto market in the past year hasn’t been favorable, with the market dropping from a market cap of over $2.9 trillion to a region of $900 billion, with the price of many crypto projects, including that of Bitcoin (BTC), dropping with it.
There have been many theories and assumptions that the price of BTC is dropping to a yearly low of $10,000, but this hasn’t been the case as the price of BTC has moved with much strength as of the start of 2023 with eyes set on the forthcoming BTC halving.
Bitcoin (BTC) Weekly (1W) Price Chart Analysis
The total market cap faces huge resistance on the monthly chart after rallying from its monthly low of $750 billion, as this would have a positive influence on the market price of many altcoins and BTC if the price breaks above the region of $1 trillion which is a key region for bulls.
Bitcoin’s price continues to look bullish on the weekly and daily timeframe, but the price faces more tests on the monthly chart as the sentiment regarding the movement of BTC in recent rallies remains neutral.
Price of BTC despite rallying from a weekly low of $16,200, the price faces resistance to breaking above the 50 and 200 Exponential Moving Average (EMA) as these regions continue to act as resistance for the price of BTC to break higher.
The price of $25,000 corresponds to the resistance of 50 EMA, preventing BTC from going higher in price; if the price of BTC breaks above $25,000, there are high chances of price rallying to a region of $30,000 for bulls.
Major BTC Resistance On The Weekly Chart – $25,000
Major BTC Resistance On The Weekly Chart – $18,500
Image From Finbold, Chart From Tradingview