Bitcoin September 14, 2022 – The $20,000 battle rages on
Repeat again – Bitcoin (BTC) price sheds $20,000 again, the day after it was pushed back to levels near $23,000. The cryptocurrency could still fall to around $19,000, or even below, before being able to regain $20,000 in the very short term.
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Bitcoin Price Below $20,000 Before Rebound
Bitcoin price drops as low as $19,642 on Bitfinex today, September 14, 2022. After an evening rebound, the cryptocurrency trades at $20,228 at the time of writing this article. Its price is currently registering a small daily increase of 0.8%.
Bitcoin price seems to be finding support right now at levels above $19,600, which had already served as support during the 3 days preceding the fall below $19,000 on September 6th. If this scenario were to repeat itself, a loss of $19,600 could therefore again expose the cryptocurrency to a dip in the $18,000-$19,000 zone.
Going back a bit further, the Bitcoin price had dropped to $19,200, when it lost levels near $19,600 on July 12. It then began to rise over several days.
Is the Bitcoin price still looking for its bottom?
Steady dips below $20,000 again bring bottom-side issues back to the table for this cycle. Analyst Willy Woo shared a chart, which parallels Bitcoin price fluctuations since 2011, and a curve quantifying the evolution of “accumulation as coins move from sellers to buyers in a hurry. »
The graph shows that when this accumulation has reached a certain level in the past – which corresponds to the tip of the black arrows – this event then coincided with the bottom of the Bitcoin price for the relevant cycle.
According to the chart, this level has not yet been reached. The hypotheses of a fall below the lows of last June, could still materializeand the price of Bitcoin could thus fall to $16,000, as some traders and analysts have been anticipating for months.
The Bitcoin purge thus continues before The Merge of Ethereum (ETH). The recent rise in the price of Bitcoin was therefore very short-lived. Markets didn’t even see a serious attempt to reclaim the 200 week moving average above $23,000.
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