19 Jul 2022
Bitcoin faces resistance at range highs of $23,000
After a promising week with strong momentum, bitcoin faces resistance at the consolidation range high.
Bitcoin has now remained in a consolidation range around the $20,000 area since June 12th, but promising price action in recent days has lifted BTC towards range highs.Bitcoin faced difficulties breaching the consolidation range high of $23,000 at the first attempt but is showing promising momentum as bitcoin is finding support at previous resistance levels around the $22,000 area. If bitcoin manages to break through $23,000, $25,500 represent the next key resistance area, marking the capitulation candle amid the LUNA collapse. The next important resistance area for bitcoin is found at $28,000, the yearly low level of 2021. Towards the downside, $19,000 represent an important support level held throughout July.In general, BTC remains in a choppy environment, within a prolonged trading range in an environment that is difficult to trade. A bullish breakout in this environment may cause shorts offside, creating room for further upside.