Price Analysis

Bitcoin Price Analysis: Will BTC Price Make it Above $23,200 This Week?

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 18, 2022

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Article Highlights
  • Bitcoin price after breaking above $22,000 in the early trading hours appears to have fell prey to the bears

  • While the bearish pressure is failing to drag the price below $22,000, a notable upward trajectory is been laid down for the rest of the week

Bitcoin price underwent a massive upswing during the last weekend that uplifted the price beyond the consolidation. The asset quickly surged by more than 8% to mar the daily highs close to $22,500. Woefully, the bears jumped in to extract their profits due to which the star crypto is consolidating just below $22,300. With a decent bullish narrative, BTC price is expected to continue ranging towards the north testing higher resistance ahead. 

Bitcoin(BTC) Price Analysis for Short-Term

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  • Bitcoin price was following a significant uptrend along the trend line after it flipped from the monthly lows. 
  • No doubt the prices slid down slightly below the trend line but regained above these levels within no time
  • The BTC price is expected to consolidate within the current range for some more time and decline towards the lower support as the bulls may get exhausted
  • However, reaching the lower support, the asset may get a catapult action towards the upper target at $22,800 soon

Bitcoin (BTC) Price Analysis for the Long Term

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  • The BTC price in the long-term appears to be pretty bullish as the price is attempting hard to rebound hitting the lower bottom
  • For the past 2 weeks, the asset has been witnessing equal bullish and bearish pressure and hence the current week’s trade may be pretty decisive
  • On the other hand, the volume has surged significantly high which may keep up the volatility 
  • Eventually, the BTC price may undergo a u-shape recovery and regain the lost levels in the upcoming days

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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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