The price of Bitcoin tried again to go over $19,000, which it had already done. As the price of Bitcoin (BTC) went up, it exceeded $19,250 and the simple moving average for the last 100 hours. If you are a beginner and are looking for an ideal platform for crypto, visit site here.
Even more impressive is that the price kept going up, passed $19,500, and went over $20,000. On the other hand, there were signs that the market would go down below the $20,000 resistance zone. The price hit a new high near $20,177, and it started to go back down.
It used to cost more than $19,500, but now it costs less. An extensive bullish trend line with support at $19,350 was broken below the hourly chart for the BTC/USD pair. The trend line had helped in the past, so this is what happened. Right now, the bitcoin price is less than $19,400, and the simple moving average of the last 100 hours.
Near 18,937, a bottom starts to form, and prices start to go up again after they went down. It just went from a swing high of $20,177 to a swing low of $18,937, and the price is now close to the 23.6% Fib retracement mark.
On the way up, the level of $19,400 and the 100-hour simple moving average could act as a barrier right away. The following vital point of resistance is around $19,560. It is very close to the 50% Fib retracement level of the most recent drop, which started at the swing high of $20,177 and ended at the low of $18,937.
If the price increases and breaks through the barrier at $19,560, it could start a new uptrend. In the situation described, there is a chance that the price will break through the $20,000 resistance zone. The next big problem that needs to be solved is nearly $20,500.
Will Bitcoin continue to fall?
Bitcoin could fall again if it didn’t get past the resistance area around $19,560. In the short term, the market is helped by around $19,000.
The following important support level is around $18,580. The primary support is close to $18,500; if it breaks, the price could fall quickly to $18,000. If the price keeps decreasing, it may need to go back to $17,500 to find support.
The US Federal Reserve is taking “hawkish” steps to control inflation, which is a big reason why the prices of cryptocurrencies are falling. Most people think that the Federal Reserve will decide to raise interest rates at its next meeting on September 20 and 21. This is because inflation is rising, and there are other problems with the economy.
The CME Group’s FedWatch tool says that there is an 80% chance that rates will go up by 75 basis points (bps) and a 20% chance that rates will go up by 100 bps.
As this article is being written, the price of BTC has dropped about 6% in the last five days. Since June 18, when it was at its lowest point, the first cryptocurrency has gone up about 7%.
There has also been stress on other cryptocurrencies.
Analysts say that using CME data to compare how much Ethereum (ETH) and Bitcoin will be traded in the future doesn’t point in a clear direction. Since there isn’t a clear pattern, institutional investors aren’t putting much money into either option.
The most popular alternative cryptocurrency has lost 7% of its value in the last 24 hours. Cardano (ADA) and Solana (SOL) lost 5% of their value. Cardano lost 6% of its value. All of the cryptocurrencies on the market are worth less than $1 trillion as of right now. This is a big drop from November 2021, when it was worth $3 trillion.
Bitcoin Bottom
Before its low point last month, Bitcoin was worth about $25,000. This is a significant change from June when Bitcoin was worth the least. But Bitcoin just reached a low.
For those who need to remember, on June 18, the price of bitcoin fell to $17,708, which was its lowest point in the last 52 weeks. Some crypto companies, it was said, were having trouble getting money.
As of May 17, the company had assets worth $11.8 billion. In October of last year, it was in charge of more than $26 billion, a big drop. In June, the company’s assets under management (AUM) could no longer be seen on its website.
