Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: Coin_Gabbar on September 03, 2022, 12:27:04 PM
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On Friday, Bitcoin (BTC) was trading above $20,000 as markets responded to the latest monthly jobs report. Last month's payrolls reached 315,000, above the average estimate of 300,000.
Following the release of the data, BTC/USD rose to an intraday high of $20,444, less than a day after touching a low of $19,755. Looking at the chart, the increase brings bitcoin closer to its recent resistance level of $20,600, as market concern has subsided.
Bitcoin has been unstable throughout today's trading session as the price of BTC hits important resistance levels. The top cryptocurrency by market cap reacted positively to macroeconomic factors, but as the weekend approaches, low levels may create price fluctuations.
According to price analysis, Bitcoin (BTC) is trading at $19,950, flat 0.00% in the previous 24 hours and 8% in the last week. The cryptocurrency had strong price action after the United States released crucial economic data, but the rise was short-lived as BTC fell below a cluster of selling orders at around $20,500.
The next major resistance lies between $20,500 and $20,700. A clear break above the $20,500 resistance level might push the price up to $21,200. Any further gains might trigger a steady move towards the $22,000 resistance zone.
If bitcoin fails to break through the $20,500 resistance level, it may fall further. On the downside, there is immediate support at $19,850. The next major support is at $19,550. The major support is located at $19,500. A break below the $19,500 support level might trigger a sharp decline below $19,000.
KEY LEVELS :
RESISTANCE LEVEL : $20100-$20500
SUPPORT LEVEL : $19600-$19200
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Bitcoin has been unstable throughout today's trading session as the price of BTC hits important resistance levels. The top cryptocurrency by market cap reacted positively to macroeconomic factors, but as the weekend approaches, low levels may create price fluctuations.
It is not new that the Bitcoin price is very unstable and very volatile, moreover during this bearish season. We have seen that Bitcoin dropped several times to certain supports, and BTC also has tried enough to pass the resistance, but some failed and then dropped again. This may be still continuously during the bear market.
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As I am writing this, there seems to be a little uptick movement for the price of BTC though am sure that this is another trap as anytime the market can tumble and go down below $20K. Well, actually am hoping am so wrong on this but this means we have to be cautious especially if one is into trading. Hopefully, as the year is slowly ending its days, there can be factors that can push Bitcoin above the $25K zone.