Bitcoin (BTC) Looks Strong Above $20,500; Here Is The Key Level To Watch

•  BTC’s price needs to stay above $20,500 for the price to have a chance to rally high to a region of $22,500.
•  BTC’s price continues to trend, creating a more bullish bias as the price aim for $22,500, where the price could face resistance. 
• BTC’s price remains strong, holding key support on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).

The crypto market had a good run in the previous week as the price of Bitcoin (BTC) surpassed the expectations of many holding out for the price to continue in its downtrend as many traders looked trapped with no sign of Bitcoin (BTC) going lower as the price of Bitcoin eyes a possible rally to $22,500. The crypto market has seen some relief across all assets, but the new week holds mixed feelings, with Bitcoin (BTC) dropping toward its key support. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart

The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.

The new week hasn’t kicked in like the last as most altcoins have begun to look shaky, dropping off from their weekly highs, including the price of BTC suffering a minor price retracement back to a region of $20,800 just above its key support area of $20,500 after the price of BTC has shown strength breaking above $21,200 and holding up pretty well. 

After having a weekly close above $20,500, the price of BTC still looks good despite dropping from its high of $21,500 recently, with so much hype for BTC to rally back to the region of $25,000.

The price of BTC needs to hold above $20,500 for the price to have a chance of a rally to the region of $20,500 and possibly to a high of $22,500; if the price of BTC fails to hold $20,500, we could see price retesting weekly support of $19,500. 

Weekly resistance for the price of BTC – $22,500.

Weekly support for the price of BTC – $20,500-$19,500.

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

In the daily timeframe, the price of BTC continues to look strong as the price could be set to rally to a high of $22,500 after bulls keep pushing higher in the chart.

The price of BTC trades at $20,800 after suffering a minor setback in the price of BTC; the price trades above the 50 EMA, which indicates a good relief sign for BTC’s price on the daily timeframe could be poised for a major breakout if prices close above $21,500 after facing rejection to trend higher. 

Daily resistance for the BTC price – $21,500.

Daily support for the BTC price – $20,500.

Featured Image From NewsBTC, Charts From Tradingview