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04 Oct 2022
Bitcoin battling the $20,000 resistance level - again
Not much has changed since last week’s analysis, as bitcoin battles the $20k area once again. Can it finally flip the resistance level to support?
As we also saw last Tuesday, BTC has started the week with a push towards $20,000. This level was regained and quickly lost last week, a common theme lately.Source: Tradingview (Coinbase)
BTC has struggled to stay above the $20k level over the past month and is still in the lower range of its 3-month long consolidation range between $17.5k and $25k.The support area around $19k held once again last week. BTC has now been trading in a tight range between ~$18k-20k over the past three weeks.Traders should watch for a break up towards $21,000. Furthermore, a climb above $22,500 will signal short-term technical strength and could see the price continue towards the range-high of $25,000.
Towards the downside, not much has changed. BTC has strong support in the $18k-$19k area.As highlighted last week, BTC has mostly stayed directionless in its trading range since the June collapse, without any clear direction. However, traders should note that the price has mainly been testing the lower levels of the range, which is worth monitoring.