The pre-bounce drop? The price of Bitcoin (BTC) continues to show signs of weakness a few days before the weekly close. Are we heading inescapably for a daily close at levels near $19,000, slightly above or below, for the next two days?
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A Crack of $19,500 for Bitcoin Price?
The price of bitcoin drops to $19,350 on Bitfinex today, September 16, 2022. The cryptocurrency is trading at $19,747 at the time of writing, and its price is recording a daily mini-loss of 0.57%.
Bitcoin had started the week with a climb above $22,000, before chaining red candlesticks and dojis, as is currently the case. Markets seem undecided on a daily basis as we approach this weekend.
The bears have been putting pressure on the support at $19,500 for the past two days, support that seems to have given way temporarily today. The crack brought Bitcoin back to the support around $19,300which had halted a multi-day slide on July 12, subsequently allowing the cryptocurrency to stage a bullish rebound all the way to $24,000 and above.
Strong bulls on a weekly basis?
As the weekly close neared, trader Rekt Capital shared a chart of Bitcoin’s price over that time frame, to illustrate that the cryptocurrency has been “weighing on the Higher Low since its rejection of the 200-week moving average.
According to Rekt Capital, this Higher Low “still holds its support”, while Bitcoin did not touch “June lows” – in green in the graph.
If Bitcoin can then record new lows, a new rebound is possible if the cryptocurrency managed to maintain these levels.
The life-saving $20,800 currently seems a long way off for Bitcoin price. If the recent scenarios repeat themselves, the markets will have to expect a strong pressure on the $19,000, which could yield temporarily, before hoping to see a reconquest of the $20,000. Some traders continue to recall the famous $16,000, which seems unavoidable for Bitcoin, during the bearish phase of this cycle.
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