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September 7, 2022

Bitcoin (BTC) is Holding on For Dear Life, Hits Critical Support Again

Since June, the price of bitcoin has fluctuated only between $18,000 and $24,000. Bitcoin “usually likes to go back and test past lows to see whether they hold as support,” according to Luno’s Ayyar, when building a bottom.

According to CoinMarketCap, Bitcoin’s price is now valued at $18,758, having the greatest market capitalization in the cryptocurrency sector. Within the last day, the value of Bitcoin and other cryptocurrencies fell drastically.

Following that, Bitcoin has started to exhibit a few retrace patterns. Spot investors are seeking for a chance to purchase, while leverage traders are looking for a chance to initiate sell positions.

On the 4-hour chart, Bitcoin is hovering around its pivotal support. The price may ultimately fall below $14,000 or possibly as low as $12,000 if it can break through the support area between $17925.91 and 18672.46. However, if it is unable to breach this important level of support, we may anticipate that the price will reverse amid the negative pressure and rise as high as $23,000.

Bitcoin is still trading below the 200 MA on the 4-hour chart of BTC/USDT, and the bears are now in control. The currency has been oversold at the current RSI value of 27, which is 27.45. However, readings of 30 or below signal oversold market conditions and a greater likelihood of a reversal.

For eight days in a row, BTC has been trading sideways between $19,500 and $20,500. On September 2, 2022, there is a bearish order block that is positioned at $19,985, and traders and investors are expecting that the price will decline from that level. After finally breaking out of its sideways pattern, the price of bitcoin decreased by $1,204, or 6.05%, in only one day.

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