BTC Price Analysis- Why Bitcoin Price Could Revisit the $19000 Mark?
The Bitcoin price took a major hit from news and technical analysis. Thus, the US Fed pointed to another interest hike next month to fight the high inflation, which ignited a 7.3% fall on the intraday level. Moreover, the coin chart showed a bearish wedge pattern which triggered the last five days’ downfall, registering a cumulative 12% drop. How low this pattern will lead the BTC price.
Key points BTC Analysis:
- The Bitcoin price has been on a losing streak for the past five days
- The 20-and-50-day EMAs show bearish crossover
- The intraday trading volume in Bitcoin is $35.5 Billion, indicating a 38.8% loss
Source-Tradingview
As per the technical analysis, the ongoing sell-off in the market accentuates that the history has repeated for Bitcoin (BTC) price. Furthermore, as coingape mentioned in their recent article, the coin chart showed the formation of a rising wedge pattern.
Since the November fall, this pattern has emerged twice and depreciated the BTC price by 30-40%. Thus, on august 17th, the price reverted from the local top of $24500 and breached the pattern’s support trendline.
The post-retest fall has plummeted the prices by 8% and currently trades at the $21515 mark.
Furthermore, the crypto market witnessed a significant sell-off today as the St. Louis Fed President James Bullard Hints at a 0.75% rate hike in September. Thus, the coin price continued to drop lower and gave a decisive breakdown from the $22580 support.
After the expected candle closes below the $22580 level, the BTC price could revert higher to retest this breached resistance. If the retest phase sustains below the flipped resistance, the sustained selling may drop the prices to $20770.
However, following the bearish continuation pattern, the BTC price could drop another 12% and reach the $19000 support.
Technical Indicator
EMAs: the coin chart regains a bearish alignment among the crucial EMAs as the falling price nosedive below the 20-and-50-day EMAs. Moreover, a negative crossover between these slopes may attract more sellers to the market.
Relative Strength Index: the daily-RSI slope displayed a sharp drop below the midline, indicating bearish sentiment has taken hold.
- Resistance level- $22580 and $26500
- Support level- $22070, and $19000
- 21Shares Moves Closer to XRP ETF Launch as SEC Review Window Opens
- Strategy Raises $715M to Buy More Bitcoin Through New Preferred Stock
- JPMorgan Reveals $340M BlackRock Bitcoin ETF Bet Amid Crypto Treasury Decline
- Arthur Hayes Bets Big on Zcash as It Tops $10B and Surpasses Hyperliquid
- Kalshi Sees Nearly 50-Day Shutdown As Bitcoin Now Mirrors Nasdaq
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
- Dogecoin Price Reacts as Bitwise Spot ETF Expected to Go Live in Late November
- NEAR Protocol Price Surges 37% as Open Interest Jumps 59% — Is $5 the Next Target?
- Can Ethereum Price Break Below $3k as Exchange Reserves Hit Record Lows?
- Avalanche Price Nears 60% Jump Ahead of Granite Upgrade as AVAX Burn Rate Jumps
- Bitcoin Price Crashes Below $100K: What’s Driving the Drop?
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.
Premium Partners
