Here’s When Bitcoin (BTC) Price May Reclaim The 200-WMA Again
September has always been the worst month for Bitcoin historically. Bitcoin (BTC) price struggles to reach the 200-WMA at $23K as it continues to dive below $20,000. However, the technical and on-chain data suggest the Bitcoin price should now rebound again to the 200-WMA.
Bitcoin (BTC) Price Awaits Massive Price Rally
The volatility in the crypto market due to the Federal Reserve’s hawkish stance on rate hikes has kept the Bitcoin (BTC) price at bay. Interestingly, the price decline caused more people to take the “buy-the-dip” opportunity.
As mentioned in the previous report, if the number of new daily addresses rises above 415,000 it will confirm a Bitcoin bottom and bulls will take over. According to Glassnode data, new daily addresses on the BTC network have jumped over 417,354. Thus, the outlook is bullish and the Bitcoin price should start rising again.
Crypto analyst Ali Martinez in a tweet reveals that the BTC movement in the four-hour timeframe indicates the Bitcoin price rebounds each time it reaches the rising RSI trendline.
“The question is whether, this time around, the trendline will hold again and help BTC regain some of the losses incurred.”
Meanwhile, Bitcoin price shows no signs of support from miners and whales as buying pressure remains weak. In fact, addresses holding 1000 BTC or more continue to decline. Recently, several dormant Bitcoin whales have sold their holdings. On the other hand, miners’ reserves have declined continuously this year. As per data by CryptoQuant, miners’ reserves are currently 1.86 million.
However, almost 73.25% of all accounts with a BTC open position are going long on Binance Futures. It indicates the traders are buying at current levels.
Major Triggers of Upside Movement
The Bitcoin (BTC) price trend will mostly depend on the Fed rate hike on September 21. While the 100 bps rate hike is on the table, Wall Street banks such as Goldman Sachs believe the Fed will go with a 75 bps rate hike.
A continuous fall in the US dollar index since September 7 spurred bullish sentiment in the market to push the BTC price over $22,000. However, the US dollar index has again jumped over 110. A decline in the index will confirm a bullish move.
Institutional buying has increased at the current level. In fact, MicroStrategy buying more bitcoins is the major trigger here to push the price to the 200-WMA.
- Asset Manager Pushes 45% HYPE Token Supply Cut, Analyst Calls $100 Price Target by Year-End
- Fed Jerome Powell Speech Today: Bitcoin, Ether ETF Data Signals Selloff Sentiment
- Trump’s WLFI Confirms Debit Card & Retail App Launch Amid Partnership With Bithumb
- Vitalik Buterin Addresses Key Myths Over Coinbase L2 Base Custody Concerns
- 21Shares Spot DOGE ETF Secures DTCC Listing as Expert Predicts Dogecoin Rally
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
