BTC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength. BTC rally caught short as price continued to range. The price of BTC must close above $21,500 ahead of the monthly close as bulls sweat over price movement. The price of Bitcoin showed strength as Bitcoin (BTC) bounced from its weekly low of $18,500 after the increase in interest rate affected its price negatively. The price of Bitcoin has since struggled to regain its bullish run. It has to a region of $25,000 with the monthly candle just a few hours away from closing. Many traders and investors hope for a better month ahead as the BTC movement has seen little to no volume for a long time. (Data from Binance) Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes Bitcoin (BTC) Price Analysis On The Monthly Chart On the monthly chart, the price of BTC has seen more downside than upside, falling from a region of $69,500 to a current value of $19,450, where the price is struggling to close the month on a positive note. BTC’s price needs to close above $21,500 to begin a small relief rally, as it has continued to trade at its previous all-time high and has tested the region numerous times, with the area acting as support looking weaker with each retest. BTC must break and hold above the $21,500 resistance with good volume in order to restore a relief bounce. If the price of BTC remains in th...
