Misleading similarity? the Bitcoin (BTC) price resumes colors, after yet another announcement from the FOMC a rise in interest rates in the United States. Will the markets be entitled to a repetitive bis of a recent pattern in the days that follow, or will the $20,000 now be harder to win back this time around?
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An air of deja vu for the price of Bitcoin?
Bitcoin price rises to $19,316 on Bitfinex today, September 22, 2022. Cryptocurrency trades at $19,227 at the time of writing this article. Its price is currently registering a daily gain of 4.06%.
Bitcoin currently seems reproduce the pattern from September 4 to 7, with a succession of a green daily candlestick, followed by two red ones, and a green one. This same sequence was observed from September 19 until today.
In both patterns, the red candlesticks led to Bitcoin price falling below $19,000. Both the September 7 green candlestick and today’s green candlestick pushed Bitcoin back above $19,000. And in both cases, the ascent is halted at the $19,300-$19,500 level.
Continuing the analogy with the fluctuations of September 8 and 9, Bitcoin could therefore by the end of this week, get back above $20,000.
Will the whales block the $20,000?
However, these predictions based on past Bitcoin price movements, should take into account the existence of a major resistance area just below $20,000. The data of whalemap show a high concentration of whales at $19,900which could stop a possible bullish impulse holding to reconquer the $20,000.
Bitcoin also rose to $19,888 yesterday, before suffering a rejection that brought its price back and maintained it below $19,000 until the daily close.
Still based on the whale map, Whalemap points out that the “key” for Bitcoin is to hold the $18,000-$19,000.
Bitcoin may have been taken down by a buoyant dollar recently, but markets could see a bullish rebound that would see the cryptocurrency back above $20,000. However, another release close to this level should not be discounted. In such a scenario, the supports at $19,000 or even below could shake again.