Bitcoin hasn’t experienced a good day after hitting the bear bottom during the arrival of the crypto winter. The arrival of halving was expected, but the other regulatory conditions are playing major as the latest chart shows that Bitcoin drops below $19k.
Bitcoin Price Performance Over the Last Month
Bitcoin ended August showing major signs of recovery. It was able to stay above 21k levels for three days straight. It is no small feat as the world’s first cryptocurrency has everything pitting against it, from the high-power concerns to the announcement that the Merge update of the Ethereum was close.
However, there was only so much the bulls could have done. As soon as the token entered September, it dropped below its $20k resistance – giving only a little reprieve by bouncing off only marginally. Bulls spent most of the early days of September trying to maintain the token above the 20k levels.
However, the BTC price plunged to below $19k on 7th September. Although the bounce that followed was quick, it wasn’t fast enough. Thankfully, by the end of 10th September, Bitcoin continued to show positive signs in the market – once again punching upwards through that $21k resistance and reaching closer to $23k.
But that only lasted for a few moments because another correction happened that forced Bitcoin to hover over $20k support once again. A few days from that point pushed BTC’s price down even further, and two days ago, it pushed below $19k.
That resulted in a panic, and the whales were quick to take action – bouncing the token back marginally to get closer to $20k. But the intraday-trading chart continues to show a descending pattern. And at the time of writing, the token is trading below $19k.
Bitcoin Price Prediction
The intra-day trading chart of Bitcoin is forming an asymmetrical triangle pattern. It might signal a breakout. Bu the current red candles indicate that this breakout won’t be in a positive direction. While the top-wicks are higher, the current market trends aren’t doing Bitcoin any favors.
While many assume that the recent Merge upgrade and energy concerns are the reasons for Bitcoin’s current price action, it would be tone-deaf to assume so. It is because Powell has taken several measures recently to fight against inflation. And since much of what is happening in the market is experimental – assets are not showing a positive sign.
Bitcoin is affected so much by those measures because of the recent drop in the traditional assets market. BTC has not yet decoupled from them, and it much also contend with the volatility of the crypto market.
That said, we can make some near-term predictions based on the current price action. At the time of writing, Bitcoin is just above its current support of $18.6 (1 Fib). It is possible that tomorrow, it will try to test its resistance at $19.6 (0.786 fibs). And if it manages to find support over that – which is highly likely because Bitcoin price has been behaving erratically over the past week – then BTC will try to move up and test its $20.3 support (0.618 fibs).
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