{"id":6477,"date":"2022-08-28T14:58:10","date_gmt":"2022-08-28T18:58:10","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=6477"},"modified":"2022-08-28T14:58:10","modified_gmt":"2022-08-28T18:58:10","slug":"bitcoin-faces-trilemma-can-20000-hold-btc-price-from-weekly-low","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/08\/28\/bitcoin-faces-trilemma-can-20000-hold-btc-price-from-weekly-low\/","title":{"rendered":"Bitcoin Faces Trilemma, Can $20,000 Hold BTC Price From Weekly Low?"},"content":{"rendered":"

The price of Bitcoin (BTC)<\/a> in recent weeks has had a remarkable bounce and run from its low of $19,000, with many calling for a bull run. BTC\u2019s price soon faced resistance and was rejected from the $25,200 mark as it formed a bearish rising wedge. The price of BTC broke out from the rising wedge, and BTC has struggled to hold off sell-off ahead of its daily (1D), weekly (1W), and monthly (1M) trilemma close. (Data from Binance)<\/p>\n

BTC Price Analysis On The Monthly Chart\u00a0
\nMonthly BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

From the chart, the price of BTC saw a bullish sentiment in July, with August looking bullish in its early week.\u00a0<\/p>\n

After seeing a monthly low of $18,000 with what seems to be a high demand area, the price of BTC bounced and rallied to a monthly close of $24,400. The price saw a rejection from $25,000 and has struggled to remain bullish as the price heads into its monthly close of August.\u00a0<\/p>\n

If BTC\u2019s price closes below $19,500 on the monthly close, we could see the price going lower; BTC\u2019s price needs to hold and bounce from this key area to save its price from going lower.<\/p>\n

Monthly resistance for the price of BTC \u2013 $25,000.<\/p>\n

Monthly support for the price of BTC \u2013 $19,000.<\/p>\n

Price Analysis Of Bitcoin On The Weekly (1W) Chart
\nWeekly BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

The price of BTC found a weekly low of $20,800 as price rallied to a high of $25,200; BTC\u2019s price has struggled to trend higher as the price was rejected from that region, falling to $20,800 acting as a support area for BTC price.<\/p>\n

BTC\u2019s price could not hold above this support of $20,800 as it flips it into resistance as price eyes a key area of support acting as demand for prices.<\/p>\n

The price of BTC needs to bounce off this area and trend higher to avoid the price from going lower; if the BTC price fails to hold off sellers, we could see the price of BTC trading in the region of $19,000 and possibly lower if this support area fails.<\/p>\n

Weekly (1W) resistance for BTC price \u2013 $20,800, $25,200.<\/p>\n

Weekly (1W) support for BTC price \u2013 $19,000.<\/p>\n

Price Analysis Of BTC On The Daily (1D) Chart
\nDaily BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

The price of BTC on the daily chart showed great strength, trying to hold above support areas but was overpowered by bears as the price fell from $25,200 to a region of $19,700 before a quick bounce from the area.\u00a0<\/p>\n

BTC\u2019s price is currently trading at $20,000, holding the price from going lower; with more buy bids, we could see the price of BTC pushing a bit higher, where it would face resistance at $20,800.\u00a0<\/p>\n

The price of BTC breaking this resistance at $20,800 could see price trading higher to a region of $22,500-$23,000, acting as the resistance for BTC prices.<\/p>\n

The Relative Strength Index (RSI) for BTC daily chart is above 30, indicating more sell orders for BTC.<\/p>\n

Daily (1D) resistance for BTC price \u2013 $20,800, $23,000.<\/p>\n

Daily (1D) support for BTC price \u2013 $19,000.<\/p>\n

Featured Image From zipmex, Charts From TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The price of Bitcoin (BTC)<\/a> in recent weeks has had a remarkable bounce and run from its low of $19,000, with many calling for a bull run. BTC\u2019s price soon faced resistance and was rejected from the $25,200 mark as it formed a bearish rising wedge. The price of BTC broke out from the rising wedge, and BTC has struggled to hold off sell-off ahead of its daily (1D), weekly (1W), and monthly (1M) trilemma close. (Data from Binance)<\/p>\n

BTC Price Analysis On The Monthly Chart\u00a0
\nMonthly BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

From the chart, the price of BTC saw a bullish sentiment in July, with August looking bullish in its early week.\u00a0<\/p>\n

After seeing a monthly low of $18,000 with what seems to be a high demand area, the price of BTC bounced and rallied to a monthly close of $24,400. The price saw a rejection from $25,000 and has struggled to remain bullish as the price heads into its monthly close of August.\u00a0<\/p>\n

If BTC\u2019s price closes below $19,500 on the monthly close, we could see the price going lower; BTC\u2019s price needs to hold and bounce from this key area to save its price from going lower.<\/p>\n

Monthly resistance for the price of BTC \u2013 $25,000.<\/p>\n

Monthly support for the price of BTC \u2013 $19,000.<\/p>\n

Price Analysis Of Bitcoin On The Weekly (1W) Chart
\nWeekly BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

The price of BTC found a weekly low of $20,800 as price rallied to a high of $25,200; BTC\u2019s price has struggled to trend higher as the price was rejected from that region, falling to $20,800 acting as a support area for BTC price.<\/p>\n

BTC\u2019s price could not hold above this support of $20,800 as it flips it into resistance as price eyes a key area of support acting as demand for prices.<\/p>\n

The price of BTC needs to bounce off this area and trend higher to avoid the price from going lower; if the BTC price fails to hold off sellers, we could see the price of BTC trading in the region of $19,000 and possibly lower if this support area fails.<\/p>\n

Weekly (1W) resistance for BTC price \u2013 $20,800, $25,200.<\/p>\n

Weekly (1W) support for BTC price \u2013 $19,000.<\/p>\n

Price Analysis Of BTC On The Daily (1D) Chart
\nDaily BTC Price Chart | Source: BTCUSDT On Tradingview.com<\/a><\/p>\n

The price of BTC on the daily chart showed great strength, trying to hold above support areas but was overpowered by bears as the price fell from $25,200 to a region of $19,700 before a quick bounce from the area.\u00a0<\/p>\n

BTC\u2019s price is currently trading at $20,000, holding the price from going lower; with more buy bids, we could see the price of BTC pushing a bit higher, where it would face resistance at $20,800.\u00a0<\/p>\n

The price of BTC breaking this resistance at $20,800 could see price trading higher to a region of $22,500-$23,000, acting as the resistance for BTC prices.<\/p>\n

The Relative Strength Index (RSI) for BTC daily chart is above 30, indicating more sell orders for BTC.<\/p>\n

Daily (1D) resistance for BTC price \u2013 $20,800, $23,000.<\/p>\n

Daily (1D) support for BTC price \u2013 $19,000.<\/p>\n

Featured Image From zipmex, Charts From TradingView.com\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-6477","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=6477"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6477\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6477"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}