The price of Bitcoin (BTC) showed indecision for weeks as the price moved in a range for weeks between $19,500-$20,000, with the price stalling on the next movement. Despite so many expectations of the price having a short squeeze to a range of $21,600 before Bitcoin (BTC) next moves down, this wasn’t the case as the price broke below key support of $19,000. (Data from Binance) Related Reading: Bitcoin Price (BTC) Slides Under $19,000 — The First Time Since July 4 Bitcoin (BTC) Price Analysis On The Weekly Chart The price of BTC has had difficulty replicating its bullish move that has created euphoria in recent months, with the price dwindling with every passing week. BTC’s price after touching its previous all-time high of $19,000, many expected a bounce off the price to new highs to form support, but the price has continued to retest this support zone of $19,000, making it weaker to hold off sell orders. BTC price needs to bounce from the current price of $18,800 to reclaim the region of $19,100 for a relief rally to be possible; if the BTC price fails to reclaim the $19,100 region, we could see the price going lower, which would not be good for bulls and the state of the crypto market. If the BTC price maintains this bearish structure, we could see the price of BTC retesting monthly lows. Weekly resistance for the price of BTC – $20,600. Weekly support for the price of BTC – $18,500 -$17,500 Price An...
