Bitcoin Price Analysis: Trouble At 20048 - 6 September 2022

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BTC/USD Hampered by 20000:  Sally Ho’s Technical Analysis – 6 September 2022

Bitcoin (BTC/USD) remained pressured early in the Asian session as the pair orbited the 19742 technical level that represents the 78.6% retracement of the appreciating range from 19513.74 to 20582.64.   Traders recently encountered technical resistance around the 20060 area, representing a test of the 50% retracement of this appreciating range.  BTC/USD gave back 18% of its market valuation in August and has shed approximately  81% year-to-date in 2022.  Traders were unable to get BTC/USD to sustain a short-lived break above the 24558.33 level during the month of August, an area that represents the 50% of the depreciating range from 31549.21 to 17567.45.  Following the recent selling pressure, additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. source