Price Analysis

Bitcoin Faces Constant Rejection at $20,000, Can Bulls Save the BTC Price Rally?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 6, 2022

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Bitcoin price is stuck up at these ranges from quiet a long time as the bulls are unable to offer the required boost to the BTC price. While multiple events are impacting the price, Voyager Digital being the latest, the traders keep themselves distinct from the asset. The asset since the beginning of the monthly trade was trading parallely to the support levels for a couple of days. 

However, ever since the past weekend, the asset has inculcated a significant uptrend, rising by nearly 7%, maintaining along an uptrend line. The asset faced multiple rejections at $20,000 but maintaining its trend with a expanded channel.Therefore, indicating the possibilities of ranging beyond $20,400 levels at the earliest. 

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The BTC price traded below the 50% FIB levels of the upward move from $19,300 towards the highs at $20,732 and above the 100-day MA levels. Additionally, a key bullish trend line has been formed with the support near $19,550 on the hourly time frame with the next key resistance at $20,500. A close above these levels could open the doors for a decent increase that may enable the price to test $21,200, aiming to secure $21,500. 

On the contrary, if the Bitcoin price fails to clear $20,500 resistance levels, the bears may take back the control and drag the price close to $19,500 which is the major support. A rejection from here may further drag the BTC price below $19,000 to hit $18,740 levels too. Despite the recent flip, yet the star crypto flashes the possibilities of a rejection as MACD being within bullish zone is losing its pace. 

On the flip side, hourly RSI is swinging at the average levels around 50 and may turn according to the volume induced. Therefore, maintaining a shaky and uncertain trend until then. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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