Bitcoin faced many challenges last week, so let’s look at the current market situation.
Since our last analysis, we have witnessed several significant moves on Bitcoin. Bitcoin was able to overcome two significant resistances in one day, at $ 18.5K and $ 19K. At first, it looked really promising for the new ATH, but tremendous pressure sent Bitcoin from a measured $ 19,484 high (binance) back in one day to a very important $ 16K support.
However, this correction was necessary because even BTC cannot grow indefinitely and almost all time frames reported high overbought in terms of RSI.
But what was significant is the fact that Bitcoin managed to keep the support at $ 16K and bounced off without any problems and again beat $ 17.5K where it created another temporary support. At present, therefore, it looks favorable for Bitcoin again, but it still has a big test ahead of it in the area of strong resistance of $ 18.5K, where it is currently located.
Technical analysis:
- Current support at $ 17.5K
- Very important support at $ 15.7K – $ 16K and $ 14K
- Strong resistance at $ 18.5K
- Psychological resistance at $ 19K
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