Bitcoin (BTC) Price Analysis: A Quick Look at the 1-Week Charts (27-Jul)

2:39 pm, Wed, 27 July 22

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above the $21,000 mark and has been going sideways for the past day. As mentioned in our previous analysis, the price is currently looking to retest the resistance at $21,600. It is likely that we will see rejection for Bitcoin around this mark, and it will continue to drop in the coming days. The price peaked around the $24,000 region and has been losing momentum since then. Let’s take a quick look at the latest 1-week charts for BTC to see where the price could be headed in the midterm.

ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,450 bonus! (Bonus may vary based on deposit amount)

Claim up to $4450 in Bonus

100x Leverage

Analyzing the Charts

If we take a look at the 1-week charts, we can see that the price found support around the $19,200 mark and gained some momentum to jump towards the $23,800 mark.

The target we were eyeing for Bitcoin for this bounce was the $26,600 mark. The price has not met the target, but it could still continue to move towards the downside to retest the previous low.

The first possible scenario is that Bitcoin will break above $23,800 in the coming days and will continue to move towards the $26,600 mark. In that scenario, we can expect the price to test the $26,600 as resistance and face a solid rejection towards the $19,200 mark once again.

On the other hand, the likely scenario is that the price is already done with the relief rally and will continue towards $19,200. If that happens, it is likely that the price will also break below the previous bottom.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading just above the $21,000 mark and is trying to retest the resistance at $21,600. If the price rejects this level, it is likely that Bitcoin will drop further and will also lose support at around $20,500. A strong rejection around the $21,600 could mean the price will drop towards the $19,200 region once again. The area where price has strong support on the 1-week timeframe.

sell

How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.

Claim up to $7000 in Bonus

100x Leverage

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $4450 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $7000 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: