Bitcoin (BTC) Price Goes Big Or Goes Home Faster Than Monthly Close

• BTC price remains below the 50 and 200 EMAs on the daily timeframe despite showing some strength of relief.
• BTC’s rally went short as the price continued to fluctuate.
• BTC price should finish above $21,500 before the monthly close as the bulls sweat the price action.

Bitcoin (BTC) price showed strength as it bounced off the weekly low of $18,500 after rising interest rates negatively impacted the price. Since then, Bitcoin price has struggled to regain its bullish momentum. Just hours after the monthly candle closes, it should be in the $25,000 area. Many traders and investors are hoping for a better deal a month ahead after BTC has seen little to no movement for a long time. (Data from Binance)

Bitcoin (BTC) price analysis on monthly charts

On the monthly chart, BTC’s price has fallen from the $69,500 region to $19,450 today, and the price is struggling to end the month positively.

BTC price continues to trade at previous all-time highs, testing the region multiple times and with each retest weakening the areas acting as support, starting a small relief rally must close at $21,500 or more.

BTC needs to sustain above the $21,500 resistance with sufficient volume to recover the relief bounce. If BTC price stays in this current structure and refuses to move higher, $17,500 It will retest the support of , and possibly test the lower support area of ​​$17,000 on the monthly chart if there is a sell.

BTC price monthly resistance – $21,500.

Monthly support for BTC price – $18,000.

BTC price analysis on daily (1D) chart

On the daily timeframe, BTC’s price continues to trade below key resistances, and the price remains in a breakout range above the highs.

BTC price on the daily chart has shown strength above $20,500 as the price faces rejection to break out of the rangebound move.

BTC price is trading at $19,460, below the 50 and 200 exponential moving averages (EMAs). The $20,500 and $28,000 prices correspond to BTC’s 50 and 200 EMA prices on the daily timeframe.

The current price action is not favorable for BTC price, so BTC needs to close above $20,500 for the price to gain momentum.

BTC price daily resistance – $20,500.

Daily support for BTC price – $18,000.

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