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The worth of Bitcoin (BTC) in current weeks has had a outstanding bounce and run from its low of $19,000, with many calling for a bull run. BTC’s worth quickly confronted resistance and was rejected from the $25,200 mark because it shaped a bearish rising wedge. The worth of BTC broke out from the rising wedge, and BTC has struggled to carry off sell-off forward of its day by day (1D), weekly (1W), and month-to-month (1M) trilemma shut. (Data from Binance)

BTC Price Analysis On The Monthly Chart 

From the chart, the worth of BTC noticed a bullish sentiment in July, with August wanting bullish in its early week. 

After seeing a month-to-month low of $18,000 with what appears to be a excessive demand space, the worth of BTC bounced and rallied to a month-to-month shut of $24,400. The worth noticed a rejection from $25,000 and has struggled to stay bullish as the worth heads into its month-to-month shut of August. 

If BTC’s worth closes beneath $19,500 on the month-to-month shut, we may see the worth going decrease; BTC’s worth wants to carry and bounce from this key space to avoid wasting its worth from going decrease.

Monthly resistance for the worth of BTC – $25,000.

Monthly help for the worth of BTC – $19,000.

Price Analysis Of Bitcoin On The Weekly (1W) Chart

The worth of BTC discovered a weekly low of $20,800 as worth rallied to a excessive of $25,200; BTC’s worth has struggled to development increased as the worth was rejected from that area, falling to $20,800 performing as a help space for BTC worth.

BTC’s worth couldn’t maintain above this help of $20,800 because it flips it into resistance as worth eyes a key space of help performing as demand for costs.

The worth of BTC must bounce off this space and development increased to keep away from the worth from going decrease; if the BTC worth fails to carry off sellers, we may see the worth of BTC buying and selling within the area of $19,000 and probably decrease if this help space fails.

Weekly (1W) resistance for BTC worth – $20,800, $25,200.

Weekly (1W) help for BTC worth – $19,000.

Price Analysis Of BTC On The Daily (1D) Chart

The worth of BTC on the day by day chart confirmed nice energy, making an attempt to carry above help areas however was overpowered by bears as the worth fell from $25,200 to a area of $19,700 earlier than a fast bounce from the realm. 

BTC’s worth is presently buying and selling at $20,000, holding the worth from going decrease; with extra purchase bids, we may see the worth of BTC pushing a bit increased, the place it will face resistance at $20,800. 

The worth of BTC breaking this resistance at $20,800 may see worth buying and selling increased to a area of $22,500-$23,000, performing because the resistance for BTC costs.

The Relative Strength Index (RSI) for BTC day by day chart is above 30, indicating extra promote orders for BTC.

Daily (1D) resistance for BTC worth – $20,800, $23,000.

Daily (1D) help for BTC worth – $19,000.

Featured Image From zipmex, Charts From TradingView.com