Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Coin_Gabbar on October 01, 2022, 09:09:04 AM
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Bitcoin has had a tough month as a result of the ongoing bearish trend. Despite its efforts to recover value, its overall situation has remained stable. The modest rising trend could not be sustained, and the month appears to end in a red candle.
The entire crypto market's performance has recently changed, affecting its growth. Bitcoin, Ethereum, and other cryptocurrencies have suffered losses in recent hours due to their inability to keep momentum. The continued fluctuations indicate that the market's value may fall even further. The market has been suffering as the pattern of losses continues. As a new wave of volatility has hit the market, the global market cap value may not rise.
Bitcoin is now trading above $19,000 and below the 100 hourly simple moving average. It reached a high of $20,182 and is currently consolidating losses.
It is trading above the 78.6% Fib retracement level of the recent rally from the swing low of $18,845 to the high of $20,182. On the upside, immediate support is found near $19,000. The next significant resistance level is $20,000.
There was a clear rise over the 50% Fib retracement level of the key slide from the swing high of $20,182 to the low of $18,845. Even though the price went up above the $19,500 resistance level and crossed $20,000, bears were aggressive between the $20,400 and $20,500 levels.
According to Price Analysis, The market capitalization of this BTC is estimated to be $370,263,473,159. The 24-hour trading volume for the coin is around $40,481,989,909. BTC market capitalization has fallen by 0.83%. However, trade volume increased by 1.51% during intraday trading. The market capitalization to volume ratio is 0.1093.
A break above $19,700 might push the price even higher into the bullish zone. In the aforementioned scenario, the price may rise to $20,000. Any further advances might push the price up to the $20,500 barrier level. If bitcoin crosses and closes above the $20,500 level then the price may rise to the $21,000 level.
If bitcoin does not break through the $19,650 barrier level, it may start a new downward trend. The channel trend line at the 200 hourly SMA and the $19,250 zone give immediate support on the downside. The major support is close to $19,000. Any more losses might lead to a drop near the $18,500 support level in the coming sessions. If the price stays below $18500, it might drop as low as $17500.
KEY LEVELS :
RESISTANCE LEVEL: $19700-$20500
SUPPORT LEVEL: $19000-$18500
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As claimed by many analysts, Bitcoin will continue the current ups and downward trends for some times in near future may till it get the bottoming levels. As it stands, the downward trends will definitely continue and it means the current market situations remain bearish. Bear is holding very strong and I think we may be getting to it bottoming region. The market remains on a quick pump then, a sale off heading toward the bottom levels.
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According to the analysis it might be like that, but the price of Bitcoin could fall to the level of $16k usd, there are many analyzes that the price of BTC will rise to the level of $21k usd, even more for this year, in a short time the head of the CFTC commission issued a statement that the price will rise if Bitcoin is traded under CFTC regulations.
Btw, looks like you posted this in the wrong thread, you can post it in the trading thread.