23 Sep 2022

BITCOIN PRICE ANALYSIS CMP$19350 Bitcoin holds above $19,000,bulls eyeing $20,000


On Thursday, the cryptocurrency market observed bullish price movement as investors digested the FED recent 75 basis point hike and the effects on global asset prices.

Bitcoin started an upward bounce against the dollar at $18,153. BTC is back over $19,200, and a break above $19,500 could trigger a new rally. BTC fell as low as $18,153 before starting a decent recovery phase. The price was able to rebound above the barrier levels of $18,800 and $19,000.

BTC is currently trading in the $18,000 to $20,000 level. The next move will most likely set the tone for the market's near-term direction.

As Bitcoin approaches $20,000, market volatility is increasing. The next few days will be crucial for the king coin's short-term future. On the daily chart, the Bollinger bands have begun to narrow, indicating that a period of low volatility is coming to an end.

There was a rise over the 50% Fib retracement line of the downward move from the swing high of $19,949 to the low of $18,153. The bulls even succeeded to push the price above the $19,200 resistance level.It is now trading above the $19,000 level as well as the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, a key contracting triangle is forming with support at $19,200. Bitcoin's price is beginning to rise above the $19,000 level.

According to Bitcoin price analysis, the price is now near the 200-day moving average. To achieve any positive momentum in the short term, BTC must rise over the $19,500 barrier. In the short term, a move below $18,000 may cause BTC to fall towards the $17,000 support level.

On the daily chart, the MACD is now flat, with no significant bullish or bearish divergence. The RSI is also close to 50, indicating that the market is now neutral.

According to Price Analysis, The market capitalization of this BTC is estimated to be $371,341,246,898. The 24-hour trading volume for the coin is around $39,541,184,97. BTC market capitalization has risen by 3.70%. However, trade volume decreased by 20.05% during intraday trading. The market capitalization to volume ratio is 0.1065.

There was a move above the 23.6% Fib retracement level of the current decline from the swing high of $19,950 to the low of $18,153. An immediate resistance barrier on the upside is at $18,800. The next significant hurdle is situated near $19,000. The 50% Fib retracement level of the current drop from the swing high of $19,950 to the low of $18,153 is also near $19,000. The $19,200 area and the 100 hourly simple moving average are now forming the key barrier.

A closing over $19,200 increases the likelihood of a rise towards $19,650. Any more advances might push the price over the $20,000 level. If bitcoin does not recover over $19,000, it may fall further. On the downside, $18,200 provides immediate support. The next big level of support is around $18,000. A strong breakdown below $18,000 might open the door to further decline. In the aforementioned scenario, the price may possibly approach $17,000.


RESISTANCE LEVEL : $19600-$20200

SUPPORT LEVEL : $19000-$18600

Will Bitcoin break over the $19500 level and move towards the $20000 psychological level? What are your thoughts?