Bitcoin on September 27, 2022 – On the Razor’s Edge

An air of the end of 2020 – The price of Bitcoin (BTC) is making a foray above $20,000. The rise did not last, and the cryptocurrency fell back well below a level it must regain before the monthly close, to avoid a fall to $14,000.

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Bitcoin price above $20,000: the dollar has not said its last word

The price of bitcoin goes up to $20,373 on Bitfinex today, September 27, 2022. However, it fails to hold above $20,000. The cryptocurrency is trading at $19,130 ​​at the time of writing. The markets are currently entitled to a doji.

Bitcoin was temporarily recovering from $20,000, while the dollar (DXY) was falling. The DXY fell back below 114, but it remained close to its highest since mid-May 2022.

Despite these signs of a possible weakness of the dollar in favor of risky assets, the trader Crypto Tony warned markets against too early euphoria.

Crypto Tony post – Source: Twitter

He pointed out that “the dollar hasn’t quite peaked yet.” Other DXY pumps remain possible, with consequent “retreats” in the price of Bitcoin.

Late 2020: Another Credible Base for the $14,000 Scenario

As the monthly close approaches, the trader Rekt Capital shared a graph, which shows the key thresholds over this period. He believes that Bitcoin should end the month above $19,880to avoid “a break in the tidy monthly”. This tidy is delimited by the $19,880 and the $23,340.

BTC USD: a key level for the monthly close
Publication of Rekt Capital – Source: Twitter

These numbers roughly correspond to the opening and closing level of the previous two monthly candlesticks. The $19,880 is also close to the December 2020 opening level.

BTC price: $14,000 in sight?

If the price of Bitcoin ended the month below $19,880 and such a close leads to further declines over the period, then referring to the November 2020 opening level, the cryptocurrency could drop to around $13,800.

The recent weekly close already heralded dark days for the price of Bitcoin. If the cryptocurrency also misses its meeting at $19,880, the monthly close would then increase the possibility of a bear run for next October, possibly with a drop to the long-awaited or dreaded bottom for this cycle.

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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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