repeated reminder – The price of Bitcoin (BTC) lost the new $20,000, the day after it was rejected at levels near $23,000. The cryptocurrency could still fall to around $19,000, or even below, before being able to definitively regain $20,000 in the very short term.
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Bitcoin Price Below $20,000 Before Rebound
Bitcoin price drops as low as $19,642 on Bitfinex today, September 14, 2022. After a late night, the cryptocurrency traded at $20,228 at the time of writing this article. They are currently registered with a small average household of 0.8%.
Bitcoin price seems to find currently unsupported at levels above $19,600, which provided support services for 3 days before the $19,000 firing on September 6. If the scenario repeats itself, a loss of $19,600 could therefore again expose the cryptocurrency to a dip in the $18,000-$19,000 area.
Going back a bit further, the Bitcoin price had drops to $19,200, when it lost levels close to $19,600 on July 12. He then accelerated a rise over several days.
Is Bitcoin price still bottoming out?
Steady dips below $20,000 are once again on the table, the questions lie at the bottom for this cycle. Analyst Willy Woo split a chart, which paralleled Bitcoin’s price movements after 2011, and a curve quantifying the evolution of “accumulation with moving chunks of sellers versus buyer presses.” »
The graph shows that when this accumulation reaches a certain level in the past – which corresponds to the tip of the black arrows – this event then match with the bottom of the Bitcoin price for the relevant cycle.
According to the chart, this level has not yet been reached. The hypotheses of a fall below the lows of last June, could still materializeand the price of Bitcoin could also drop to $16,000, as some traders and analysts have been anticipating for months.
The Bitcoin purge was also continued before The Merge of Ethereum (ETH). The recent rise in the price of Bitcoin was therefore very short-lived. Markets didn’t even see a serious attempt to reclaim the 200 week moving average above $23,000.
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