Bitcoin (BTC) price should stay at $18,000.

Bitcoin (BTC) price has gone through a turbulent period against Tether (USDT) as more pain mounts for the bulls. It has jumped from $19,000 to close to $25,000 in the past few weeks, despite the low price. BTC price faces rejection and continues to fall with no signs of the bears giving up. (Data from Binance)

Bitcoin (BTC) price analysis on the weekly chart

BTC price fell from $69,000 to around $18,500, down more than 70% from its all-time high. BTC Price Rebounds After Hitting Weekly Lows of $19,000, Price Rebounds to $25,000, Showing Great Strength from Many Setting Prices and Expectations of a Return to $30,000, But Price Rejects faced with

BTC price on the weekly chart formed a downtrend line as price continued to respect this resistance line that bounced back to sustain the bearish move. Unable to break the line, the price has been rejected from the trendline resistance.

BTC price is trading above the key support of $18,000. BTC price needs to sustain above this support to avoid the price falling from $16,000 to $15,000.As BTC price maintains this support, trade higher to the $20,000 area A break below $18,000 would retest the low demand zone and discourage the bulls from embarking on buy orders.

For BTC price to recover its bullish move, the price must sustain above the trendline resistance, preventing BTC price from rising.BTC price continues to reject trendline resistance In that case, there are more sell orders than buy orders, which can cause the price to drop.

Weekly resistance to BTC price – $21,000.

Weekly support for BTC price – $18,000.

BTC price analysis on daily (1D) chart

BTC price daily timeframe finds price in the daily range for June 2022 as price continues to move downwards with the channel at $20,700 as resistance and $18,400 as support.

BTC price needs to break out of this range channel with sufficient volume as it restores a bit of hope and relief to most investors.A close below $18,000 will drive price to more sell orders. It’s not good for BTC’s structure because it faces panic and panic.If BTC price breaks above $20,700 and closes, there could be a slight bounce of relief across the market.

On the daily timeframe, the BTC price is currently trading at $18,400 below the 50 and 200 exponential moving averages (EMAs), acting as resistance for the BTC price. The $21,000 and $28,000 prices correspond to the 50 EMA and 200 EMA resistances against the BTC price.

BTC price daily resistance – $21,000.

Daily support for BTC price – $18,000.

Featured Image From zipmex, Charts From Tradingview