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NewsBTC 2022-08-28 14:07:27

Bitcoin Faces Trilemma, Can $20,000 Hold BTC Price From Weekly Low?

The price of Bitcoin (BTC) in recent weeks has had a remarkable bounce and run from its low of $19,000, with many calling for a bull run. BTC’s 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) Related Reading: Flow Monitoring: Why This Price FLOW May Not Attract Short-Term Traders BTC Price Analysis On The Monthly Chart From the chart, the price of BTC saw a bullish sentiment in July, with August looking bullish in its early week. 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. If BTC’s price closes below $19,500 on the monthly close, we could see the price going lower; BTC’s price needs to hold and bounce from this key area to save its price from going lower. Monthly resistance for the price of BTC – $25,000. Monthly support for the price of BTC – $19,000. Price Analysis Of Bitcoin On The Weekly (1W) Chart The price of BTC found a weekly low of $20,800 as price rallied to a high of $25,200; BTC’s price has struggled to trend higher ...

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