The ultimate bear wall – The price of Bitcoin (BTC) is rallying around $22,000, as the bulls still have to face a major hurdle, before they can get to the midway point of the $20,000-$30,000 range.
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A red candlestick to absorb for Bitcoin price
Bitcoin price rises to $22,473 on Bitfinex today, September 12, 2022. Cryptocurrency trades at $22,414 at the time of writing this article. Its price is currently registering a daily gain of 3.57%.
Bitcoin is expected to close the day in the green for the sixth straight time today. It broke through the resistance zone around $21,500 during the past weekend.
However, the cryptocurrency is still unable to absorb the big red candlestick of August 19, which had taken the price of the cryptocurrency from $23,000 and above, to levels just under $21,000 in the space of 24 hours. Bitcoin price must return to around $23,200to erase this important loss, recorded during this day.
The analysis of trader Michaël van de Poppe, who would “preferably see it stay above $21.6-21.8K for the moment”, also takes up these key levels for Bitcoin price. Michaël van de Poppe estimates that the next resistance could be around $23,300.
Bitcoin price: the ultimate resistance before the reconquest of $25,000
Data from Whalemap provides more detail as to the resistance the bulls now face. Based on the levels where the highest concentrations of whales are found, Whalemap pointed the $22,780-$23,400 area as the new key resistance area to watch.
Whalemap points out that this resistance zone is “serious”, but it is nevertheless the last “ in the range of $19,000 – $25,000. Should we then expect a relatively easy ascent of the price of Bitcoin to $25,000, if the bulls manage to clear this final hurdle?
The crypto winter is certainly still far from over. Nevertheless, patterns are beginning to emerge as to a possible takeover – which will not be easy – $30,000 or more. In the very short term, the markets will have to be interested in potential rejections at levels near $23,000.
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