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Bitcoin (BTC) Price Analysis

Bitcoin (BTC) Price Needs To Hold $18,000 At All Means, Why So?

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Bitcoin (BTC) Price Needs To Hold $18,000 At All Means, Why So?

Bitcoin (BTC) price has had turbulent times against tether (USDT) as more pain increases for bulls. Despite showing so much strength, the price of Bitcoin (BTC) bounced off from $19,000 in the past weeks to a region of $25,000 as many hoped for more relief to rally to a region of $30,000. The price of BTC faced rejection and has continued to fall with no sign of bears giving up. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart 

Weekly BTC Price Chart | Source: BTCUSDT On Tradingview.com

BTC saw a decline in its price from $69,000 to around $18,500, with an over 70% drop from its all-time high. The price of BTC bounced off after touching a weekly low of $19,000, and the price rallied to $25,000, showing some great strength as many set prices and expectations for a rally back to $30,000, but the price was faced with rejection.

The price of BTC on the weekly chart formed a downtrend line as the price continued to respect this resistance line bouncing off to maintain its bearish run. Still, the price of BTC could not break this trendline after a while, with the price being rejected from the trendline resistance.

BTC’s price is trading above the key support of $18,000; the price of BTC needs to hold above this support to avoid the price going lower to $16,000-$15,000. With the price of BTC holding this support, we could have the chance of trading higher to a region of $20,000. A break below $18,000 would mean retesting lower demand zones and reluctance for bulls to step into buy orders as there would be more agitation for lower prices. 

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For BTC’s price to restore its bullish move, the price needs to break and hold above the trendline resistance preventing the price of BTC from trending higher. If the price of BTC keeps rejecting the trendline resistance, we could see the price going lower as there are more sell orders than buy orders. 

Weekly resistance for the price of BTC – $21,000.

Weekly support for the price of BTC – $18,000.

Price Analysis Of BTC On The Daily (1D) Chart

Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

The daily timeframe for BTC prices continues to weaken as prices break to the downside, finding prices in the daily range of June 2022, with prices ranging in a channel having $20,700 as resistance and $18,400 as support.

The price of BTC needs to break out of this range channel with good volume as this will restore a bit of hope and relief for most investors. A break and close below $18,000 would not be good for the structure of BTC as the price would be faced with more sell orders and panic. If the price of BTC breaks and closes above $20,700, we could have a minor relief bounce across the market.

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On the daily timeframe, the price of BTC is currently trading at $18,400 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for BTC price. The price of $21,000 and $28,000 corresponds to the resistance at 50 and 200 EMA for the price of BTC.

Daily resistance for the BTC price – $21,000.

Daily support for the BTC price – $18,000.

Featured Image From NewsBTC, Charts From Tradingview

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Bitcoin

What Bitcoin Needs To Regain Its Higher Marks, Analyst Explains

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What Bitcoin Needs To Regain Its Higher Marks, Analyst Explains

The crypto market crash started from the Feds and its fight against inflation. The announcement to increase interest rates caused a panic that created doubts in the minds of crypto investors. As the Federal Reserve implemented the plan, the overall financial markets, including crypto, plunged. 

Another factor that helped push crypto prices down was the crash of Terra Luna USDT. The algorithmic stablecoin depegged, leading to massive losses that plunged the market into oblivion. Since then, crypto prices have fluctuated in a terribly prolonged crypto winter. 

Related Reading: Serum (SRM) Price Looks Set After Hibernation, Can Price Go To $1?

Cryptos such as Bitcoin and Ethereum lost their massive gains, and many crypto projects disappeared completely. 

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But the Summer Hasn’t Been Good Either 

Some analysts opined a price rally as the market lamented over the continuing crypto winter. But unfortunately, these predictions seem to be delayed as the crypto market records more fluctuations. 

For instance, Bitcoin has lost more than 37% since the market downtrend. June 2022 brought a lot of price crashes for the coin like never recorded before. The next month, July saw a little gain of 17% in BTC price, but that rally was short-lived. The coin lost everything and is now trading below the $20 mark. 

Bitcoin even dived deeper on September 7 when the price plummeted below $19K; it recovered quickly. So what’s the way forward for the number one crypto?

Bitcoin’s price is currently trading above $19,000. | Source: BTCUSD price chart from TradingView.com

Analyst Indicates A Solution To BTC Recovery 

While the investors await a price rally for Bitcoin and others, an analyst has indicated that such occurrence depends on the Federal Reserve. 

Dan Nathan, the RiskReversal Advisors principal stated this during the popular CNBC’s “Fast Money” episode. According to Nathan, Bitcoin can only reverse to a bullish trend if the Feds change their stance on the inflation fight approach. 

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Recall that in the last Federal Reserve annual meeting held on August 26, 2022, Jerome H Powell made a speech that caused concerns for investors. The feds’ chair declared a more aggressive approach in the agency’s fight against inflation. 

Before the meeting, Neel Kashkari suggested using the Vokcker approach. Given that Kashkari was initially dovish in his stance, the crypto community became worried. Powell intensified the panic when he announced that the agency would intensify its strategies. So, the likelihood of the feds pivoting in its approach is farfetched.

To say that these outplay affected crypto prices is an understatement. Many coins started a downward trend from that day and are still at it until now. The short-lived rallies are no match for the frequent pullbacks. 

Related Reading: On-Chain Data Shows Bitcoin Whale Dumping Behind Dip Below $19k

Bitcoin dominance has plummeted to its lowest ever. Nathan even stated that the coin is trading like an ordinary stock currently. So, a rally for the number one crypto may not be possible this 2022, given that the feds are not about to pivot.

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Featured image from Pixabay and chart from TradingView.com

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Bitcoin (BTC) Price Analysis

Bitcoin Faces Trilemma, Can $20,000 Hold BTC Price From Weekly Low?

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Bitcoin Faces Trilemma, Can $20,000 Hold BTC Price From Weekly Low?

The price of Bitcoin (BTC) in recent weeks has had a remarkable bounce and run from its low of $19,000, with many calling for a bull run. BTC’s price soon faced resistance and was rejected from the $25,200 mark as it formed a bearish rising wedge. The price of BTC broke out from the rising wedge, and BTC has struggled to hold off sell-off ahead of its daily (1D), weekly (1W), and monthly (1M) trilemma close. (Data from Binance)

BTC Price Analysis On The Monthly Chart 

Monthly BTC Price Chart | Source: BTCUSDT On Tradingview.com

From the chart, the price of BTC saw a bullish sentiment in July, with August looking bullish in its early week. 

After seeing a monthly low of $18,000 with what seems to be a high demand area, the price of BTC bounced and rallied to a monthly close of $24,400. The price saw a rejection from $25,000 and has struggled to remain bullish as the price heads into its monthly close of August. 

If BTC’s price closes below $19,500 on the monthly close, we could see the price going lower; BTC’s price needs to hold and bounce from this key area to save its price from going lower.

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Monthly resistance for the price of BTC – $25,000.

Monthly support for the price of BTC – $19,000.

Price Analysis Of Bitcoin On The Weekly (1W) Chart

Weekly BTC Price Chart | Source: BTCUSDT On Tradingview.com

The price of BTC found a weekly low of $20,800 as price rallied to a high of $25,200; BTC’s price has struggled to trend higher as the price was rejected from that region, falling to $20,800 acting as a support area for BTC price.

BTC’s price could not hold above this support of $20,800 as it flips it into resistance as price eyes a key area of support acting as demand for prices.

The price of BTC needs to bounce off this area and trend higher to avoid the price from going lower; if the BTC price fails to hold off sellers, we could see the price of BTC trading in the region of $19,000 and possibly lower if this support area fails.

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Weekly (1W) resistance for BTC price – $20,800, $25,200.

Weekly (1W) support for BTC price – $19,000.

Price Analysis Of BTC On The Daily (1D) Chart

Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

The price of BTC on the daily chart showed great strength, trying to hold above support areas but was overpowered by bears as the price fell from $25,200 to a region of $19,700 before a quick bounce from the area. 

BTC’s price is currently trading at $20,000, holding the price from going lower; with more buy bids, we could see the price of BTC pushing a bit higher, where it would face resistance at $20,800. 

The price of BTC breaking this resistance at $20,800 could see price trading higher to a region of $22,500-$23,000, acting as the resistance for BTC prices.

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The Relative Strength Index (RSI) for BTC daily chart is above 30, indicating more sell orders for BTC.

Daily (1D) resistance for BTC price – $20,800, $23,000.

Daily (1D) support for BTC price – $19,000.

Featured Image From zipmex, Charts From TradingView.com 

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