- BTC Price gets rejected from $21,500 after showing so much strength rallying from its daily low of $16,500
- BTC price could retest the region of $20,000 before price coils higher as price trades below its daily 200 Exponential Moving Average (EMA)
The price of Bitcoin (BTC) has shown so much strength in recent weeks, rallying from a weekly low of $15,700 to a high of $21,500 before facing several rejections to trend higher in this area as many traders and investors continue to speculate this could mean that the bottom is in.
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Despite much speculation, many traders and investors continue to remain indifferent as to the direction of Bitcoin (BTC), considering how tough the crypto market has been lately as most crypto assets, including BTC, have seen a price decline by over 70% as many believe the rice could suffer a bit more to a region of $12,000.
With the crypto market looking more promising in the past few days and many altcoins rallying with double-digit gains, it is still early to assume this is the start of a bull run, as many would like to welcome such news.
Bitcoin (BTC) Daily (1D) Price Chart Analysis
After rallying from its daily low of $15,700, the price of BTC continues to show much strength after recovering from the FTX saga that has created a lot of confusion and led to the bankruptcy of many other crypto companies.
The price of BTC rallied to a high of $21,600 but was soon rejected to a region of $20,800 as the price struggled to trend higher. The $21,000 continues to be a resistance for the BTC price as this corresponds to the 200 EMA mark.
According to the 78.6% Fibonacci retracement value, the price of BTC was rejected in this region. Its ideal price is to have a minor retracement to $19,000, corresponding to a 38.2% Fibonacci level, before rallying higher.
Major BTC Resistance On The 1D Chart – $21,500
Major BTC Support On The 1D Chart – $19,000
Image From Cryptoslate, Chart From Tradingview
