BTC/USD (Bitcoin) - 6 Month Uptrend Support Level Test - Daily
Bitcoin (BTC/USD) price has been downtrending inside a falling wedge pattern for the past 3 months.
Price is currently below the 6 month uptrend support trendline, and is testing the $25000 zone.
If the Bitcoin price closes and continues to fall below $25000, the 6 month uptrend could be at risk.
The next one to two months of Bitcoin price action will likely determine if the uptrend continues or not.
Support Price Levels above $25000 to $20000 must hold for the uptrend to continue in 2023.
Support Price Levels: $25000, $23000, $21000, $20000.
Resistance Price Levels: $27000, $28000, $29000, $30000.
Weekly and Monthly consolidation of Bitcoin was likely due to negative catalysts such as: SEC and CFTC lawsuits against USA crypto exchanges, crypto regulation changes, inflation, decline of metals and commodities, low consumer sentiment, regional bank crisis, recession risk, etc.
Price is currently below the 6 month uptrend support trendline, and is testing the $25000 zone.
If the Bitcoin price closes and continues to fall below $25000, the 6 month uptrend could be at risk.
The next one to two months of Bitcoin price action will likely determine if the uptrend continues or not.
Support Price Levels above $25000 to $20000 must hold for the uptrend to continue in 2023.
Support Price Levels: $25000, $23000, $21000, $20000.
Resistance Price Levels: $27000, $28000, $29000, $30000.
Weekly and Monthly consolidation of Bitcoin was likely due to negative catalysts such as: SEC and CFTC lawsuits against USA crypto exchanges, crypto regulation changes, inflation, decline of metals and commodities, low consumer sentiment, regional bank crisis, recession risk, etc.
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