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Bitcoin Price Tests Monthly Lows Around $19,500; Has Market Found Bottom?

30-Aug-2022 By: Rohit Tripathi
Bitcoin Price Tests

According to Bitcoin price analysis, bulls and bears are currently engaged in a tug of war. The purchasing demand returns, sending the price back toward $20,000 after it had tested the lows of more than a month near $19,500. The difficulties for buyers of BTC are still there.

On the first trading day of the week, the price of bitcoin tends to rise. The current downside momentum would be maintained if the session low were broken. However, solid resistance within a short-term trading channel suggests that the price will rebound quickly.

After plummeting toward $19,500, the price of bitcoin has recovered as idly investing groups have discovered some bargain buying opportunities. In order to maintain the price rebound toward $20,500 and later $21,000, further purchasing pressure must counteract the neutral MACD signal.

The price of bitcoin scans for a trend reversal.

The examination of the bitcoin price confirms what we predicted last week, and as the crucial support level was broken, the price fell to new monthly lows. On August 14, the largest cryptocurrency by market cap performed a supply zone test close to $25,200. Since then, the price has decreased by around 35%.

Since June 17, BTC has been trading in a narrow range between $9,500 and $25,000. However, the price fell below $20,000 after crossing the demand zone. For investors to place a trade in a specific direction, more evidence is required. The MACD with a neutral bias decreased below the mid-line. We focused on a shorter time span to further solidify the trend. Additionally, the 20-day exponential moving average, which is $19,855, presents an upside barrier to the price. 

With a neutral bias, the RSI traded above the average line. It currently reads 44. A breach below $19,700 on the hourly time period would maintain the downside trend amid the gloomy mood. The sellers would then continue to collect liquidity up to $19,500. However, a surge in the purchase order could change the selling viewpoint. A swift comeback toward $20,000 cannot be ruled out if the price soared above $19,950 per hour.

The Fear and Gear Index, which now stands at 24, is extremely negative, down four points from the previous session.

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