Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie?
22 September 2022 - 9:30AM
NEWSBTC
Bitcoin reversed below $20,000 once more after the sell-offs that
followed the completion of the Ethereum Merge. With the decline,
the digital asset had revisited lows not seen in three months,
giving credence to the bears during this time. However, one problem
remains, and that is the fact that the cryptocurrency has been
unable to find suitable support, causing the downtrend to continue.
Bitcoin Price Falls To Range Lows Over the last week, bitcoin has
seen multiple declines in its price. The Ethereum Merge had turned
into a “buy the rumor” event which led to massive accumulation
across the crypto market. But soon after, prices crashed, sending
bitcoin down below $20,000 once more. Related Reading: Bitcoin
Price Recovers Above $19,000, But Is The Onslaught Over? What this
did was send the pioneer cryptocurrency back towards range lows.
When it touched just above $19,000, it had declined to three-month
lows with levels not seen since June this year. Since then, bitcoin
has struggled to hold above $18,000 and keep from falling to the
lows of June. BTC falls to three-month lows | Source: BTCUSD
on TradingView.com The current decline in price is a byproduct of
bitcoin’s inability to break above $22,500. A test at this point
had resulted in a beating down that sent its price back towards
$18,000. After this decline, the digital asset had been able to
recover but only so slightly. It has once more ranged back down
towards the $18,000, where the bears continue to hold down the
fort. Pushing For 2018 Levels Even now, the price of bitcoin
remains in a more favorable position compared to the previous bear
market cycle bottoms. Bitcoin’s current price at just above $19,000
puts it right at its consolidation range between $17,500-$25,000,
which has held for the past three months. However, given the
digital asset’s recent decline, it shows a draw towards the
previous bear market cycle that would put it at a bottom of $12,000
if it sticks to this trend. Furthermore, the sell-offs have
continued over the last couple of weeks, and the digital asset has
come under significant pressure at this time. Related
Reading:
https://www.newsbtc.com/altcoin/ethereum-proof-of-work-ethw-gains-30-is-more-upside-coming/
The continued consolidation in these ranges has shown that there is
a lot of resistance at $22,500 and then at $25,000. This explains
the decline in the price of bitcoin after it had tested the former,
proving to be the point to beat in any recovery trend. If bitcoin
fails to hold above $17,500 and falls below this point, then
bitcoin will reach a low of $12,000 before the bull market.
However, if there is a marked recovery trend that takes the price
of the digital asset above $25,000, indicators show this point will
lead to a bullish breakout. Featured image from MARCA, chart from
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