BITCOIN PRICE ANALYSIS CMP$18900: BTC is in a range ahead FED Minutes

[Coin_Gabbar]

Bitcoin has started the upward rebound against the US dollar over $19,000.
BTC is currently facing strong resistance at the $19,200 and $19,500 levels.

Bitcoin has started the upward rebound against the US dollar over $19,000. BTC is currently facing strong resistance at the $19,200 and $19,500 levels.

Bitcoin has been under heavy selling pressure ahead of the FOMC meeting on Wednesday, September 21. As of time of writing, Bitcoin was trading 1.97% lower at $19,000 per coin. Other cryptocurrencies, in addition to Bitcoin, have been under selling pressure.

Bitcoin was trading slightly higher ahead of Wednesday’s U.S. The Federal Reserve is likely to hike interest rates during the FOMC meeting. As long as Inflation remains high, many economists believe that the FED will hike interest rates by more than 75 basis points.

After breaching the $20000 benchmark, the price of Bitcoin has continuously dropped. In the last 24 hours, Bitcoin has seen very little movement. However, the bulls were unable to hold that price. The closest support level for Bitcoin was $18000. Over the last few months, Bitcoin has been on a consistent downtrend.

On the daily chart, selling pressure continued higher than buying strength. The $20000 level would provide significant resistance.

The main barrier level for Bitcoin is $20000. A strong buying pressure may bring temporary relief to the coin.

According to the chart, Bitcoin price began a short term uptrend from the low of $18255. BTC broke through the $18,800 and $19,000 resistance levels. It even broke through the $19350 barrier.

However, the price faced major resistance between $19450 and the 100 day hourly simple moving average. A fresh one was made around $19548 and the price began to fall. The price fell below $19500 and $19200.

Bitcoin fell below the 50% Fibo retracement level of the upward move from the swing low of $ 18255 to the high of $19678. The bulls are currently defending the $18800 support level. The 61.8% Fibo retracement level of the upward move from the swing low of $ 18255 to the high of $19678 act as support. On the upside the main resistance is $19200, break will take BTC to $19350 level.

According to Price Analysis, The market capitalization of this BTC is estimated to be $364,596,461,223. The 24-hour trading volume for the coin is around  $34,764,777,278. BTC market capitalization has fallen by 1.93%. However, trade volume decreased by 8.54% during intraday trading. The market capitalization to volume ratio is 0.09531.

On the hourly chart of the BTC/USD pair, a major bearish trend line is forming with resistance near $19,420. A clear break above the trend line, the 100 hourly simple moving average, and $19,450 might open the door for a push towards the $20,000 level. Any further gains might push the price up to the $20,500 barrier level.

If bitcoin fails to climb over the $19,350 resistance level, it may begin a new downturn. On the downside, there is immediate support at $18,800. The next major support is at $18,550. A clear break below the $18,550 level might set the scene for a sharper fall. In the aforementioned scenario, the price may even go below the $18,255 swing low.

KEY LEVELS :

RESISTANCE LEVEL : $19400-$19800

SUPPORT LEVEL : $18500-$18000