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Bitcoin September 12, 2022 – One resistance at a time

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.

Publication by Michaël van de Poppe – Source: Twitter

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.

BTC USD: new resistance according to the concentration of whales
Publication of Whalemap – Source: Twitter

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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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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