Bitcoin Price Analysis: Bitcoin Makes Higher Low on Weekly Support Test

Bitcoin Price Analysis: Bitcoin Makes Higher Low on Weekly Support Test 1

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Summary:

  1. Although the bitcoin price saw a strong pullback, it is still maintaining a bullish market bias with its higher lows, higher highs and respect of weekly support. 
  2. We are currently in the process of testing out just how strong the weekly support is and, if we can manage to hold support and absorb the imposing supply, the market is in store for a continuation of the uptrend. The weekly level seems to be the make-or-break point for our market structure and so far things are looking really bullish.
  3. If we fail to hold support, next macro level to keep an eye out for is the $8,750 level.  This level is one of our only support levels established on our rally over the last few months and it will likely be a point of interest in the event of a ride to the downside.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin56,236 0.67 % 0.03 % 4.52 %
Ethereum4,521.6 1.24 % 0.02 % 0.13 %
Binance Coin612.60 1.06 % 1.29 % 4.01 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana228.19 2.92 % 1.11 % 8.77 %
Cardano1.630 0.76 % 2.46 % 2.93 %
XRP0.9679 0.81 % 0.08 % 7.16 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

bitcoin
Bitcoin (BTC) $ 56,233.00
ethereum
Ethereum (ETH) $ 4,515.75
binance-coin
Binance Coin (BNB) $ 614.44
tether
Tether (USDT) $ 0.99684
solana
Solana (SOL) $ 229.43
cardano
Cardano (ADA) $ 1.63
xrp
XRP (XRP) $ 0.966169
usd-coin
USD Coin (USDC) $ 0.995413
polkadot
Polkadot (DOT) $ 35.68
dogecoin
Dogecoin (DOGE) $ 0.207102