Bitcoin on September 20, 2022 – Something has changed

On the razor wire – The price of Bitcoin (BTC) is losing $19,000 again, but the drop this time around is much more than just a foray below a key level.

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The price of Bitcoin on the green or red line

The price of bitcoin drops to $18,769 on Bitfinex today, September 20, 2022. The cryptocurrency is trading at $18,965 at the time of writing. Its price is currently recording a daily loss of 2.91%.

On a daily basis, the area around $18,700 now seems to be shaping up as ultimate bullish support, which is keeping Bitcoin from hitting new lows since July. The cryptocurrency relied on this support on September 6, to start a bullish rally which had brought Bitcoin back to levels near $23,000 after a few days.

Bulls still lacking strength

Is a new succession of green candlesticks in the next few days possible? The Material Indicators platform has shared a chart that shows an increase in “Bitcoin supply liquidity” – bid liquidity. However, she points out that bulls need a little more to have a solid base for a legitimate rally”.

Publication of Material Indicators – Source: Twitter

Material Indicators notably reminds that the chairman of the FOMC will announce rate hikes on Wednesday. In the past, this type of announcement has traditionally put the market in the red. Will this event help the bears this time again to bring back Bitcoin at levels below June lows of this year ?

Bitcoin price bottom soon to be reached?

The PROFIT BLUE tweeter shared a chart that shows Bitcoin losing since the end of August, support supporting its price since June. Bitcoin had recovered this support by recently rising to $22,000 and above, but this rise therefore seems to have been a fake out. Bitcoin then returned for about a week, below this support.

BTC USD: risk of a new crash?
Publication of PROFIT BLUE – Source: Twitter

In May, this type of pattern had brought the price of Bitcoin from $30,000 to a June low of under $18,000 in about ten days. PROFIT BLUE thus alerts on “ a very possible -50% crash which would have “recently been confirmed. »

This week is likely to be complicated for the price of Bitcoin. The FOMC rattles the markets, as the bulls may lack the strength to reverse the tide quickly.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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