Bitcoin Price Analysis: Consolidation Tests Strong Macro Resistance

Bitcoin is currently perched between a well-defined band of prices outlined on both the weekly and monthly timeframes. If we can maintain support on our weekly $8,200 level, we can expect to see the market push to test the upper boundaries of the resistance in the $9,200 to $9,500 range. However, if support does not hold and we manage to fall through, we can expect to see a much deeper test and potentially revisit the $6,400 to $6,800 range.

bitcoin
Bitcoin (BTC) $ 49,872.00
ethereum
Ethereum (ETH) $ 1,566.14
cardano
Cardano (ADA) $ 1.21
binance-coin
Binance Coin (BNB) $ 243.89
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 37.06
xrp
XRP (XRP) $ 0.447196
litecoin
Litecoin (LTC) $ 188.57
chainlink
Chainlink (LINK) $ 29.53
bitcoin-cash
Bitcoin Cash (BCH) $ 519.53