- BTC chart struggles to break above the weekly price resistance of $25,000 as the price is rejected to a region of $21,500
- BTC weekly chart shows a death cross as the price of BTC continues its bearish run, with $18,000 acting as a major support
The price of Bitcoin (BTC) has struggled to break the past key resistance level of $25,000 in recent weeks as the price of BTC is threatened to retest a region of $18,000 or lower depending on the reaction of sellers.
Despite rallying to a region of $24,000 after losing its all-time support of $18,000 in recent months. The price of BTC showed great price actions in the recent weeks of January 2023, as the price rallied by over 45% from $15,500 to a high of $24,000 before falling resistance to rally higher.
The weekly close for BTC in the second week of February has come rather as a surprise for many as there seems to be an emergence of a death cross for Bitcoin (BTC) price as this stresses that BTC is still much intact in a downward trend as the price could retest the region of $18,000 acting as support.
Weekly Price Analysis For Bitcoin Price
There has been a lot going on with BTC lately as the price struggles to show some steam on the weekly chart and the FUD surrounding Paxos putting a stop to minting new BUSD coins.
Concerning the branded stablecoin BUSD, Paxos, the top regulated blockchain and tokenization infrastructure platform, has announced that it will no longer work with Binance.
The price of BTC could struggle in the coming months as the price closed below the key region of $21,800, acting as support for BTC price in the recent price rally.
The price of $20,800 will act as support for BTC for now; a drop below this point could see the price to a region of $18,000 or lower, depending on market reaction.
BTC Major Resistance On The Weekly Chart – $22,500
BTC Major Support On The Weekly Chart – $20,800
Image from Cryptoslate, chart from Tradingview.com