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September 12, 2022

Bitcoin (BTC) Price Analysis 09/12

Bitcoin entered the trend charts during the previous 14 hours after retesting levels it hadn’t seen in over a month. Many traders are optimistic about price performance in the next few days as a result of the move.

One expert saw this as a component of a larger picture indicating that the bear market is coming to an end. Due to the most recent achievement, BTC has now seen six straight days of sustained price gains.

The rally began on Wednesday when the apex coin retested a level it hadn’t seen in almost 60 days. It is reasonable to conclude that the bulls defended the $18,700 level, which produced additional results. For example, the apex coin saw its greatest spike on Friday, closing with profits over 10%.

It began at $19,300 and finished at $21,300, marking the first time in more than fourteen days that the $21,000 resistance was challenged. Since then, the biggest cryptocurrency by market cap has seen small gains building up to the most recent milestone.

The derivative market is not as active as it was before. The present number of open interests is one indicator of this. The current trade volume is $30 billion, down from $40 billion in prior months.

Nonetheless, REKT received $188 million in the previous 24 hours. Short holdings accounted for 65% of total liquidation. Several indications are pointing to more price changes in reaction to the rise to $22,4o0.

According to the Pivot Point Standard, bitcoin is likely to continue to rise. Its present value suggests that it is trading above its pivot point. Another positive indication is the Relative Strength Index.

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Since Wednesday, the measure has been steadily rising and is now at 60. Moving Average Convergence Divergence is also rising. The 12-day EMA, for example, is ready to break out, while the 26-day EMA is gradually reducing the distance.