The Price of Bitcoin (BTC) Doesn't Look Well After Touching $19,000


✍️ 8 September, 2022 - 16:51 👤 Editor: Jakub Motyka

The price of Bitcoin (BTC) has fallen to the $19,000 range for the second time this year. What may have been a surprise corrective move to many, spurred more 74 million dollars in settlements in the derivatives market, the largest in the last 3 months. With this, Bitcoin marks a 24% correction since its last rally at 25,000 on August 15.

The cryptocurrency market has been stagnant in recent weeks, since the chairman of the Federal Reserve, Jerome Powell, gave a series of discouraging statements. The Fear and greed index has not come out of extreme fear since then, and with it, Bitcoin and other cryptocurrencies do nothing but correct and lateralize.

What Is The Reason For The Fall Of Bitcoin, The Most Famous Crypto In The Market?

The month of September has always had a bearish direction for the general market and for cryptocurrencies. For its part, Bitcoin had been rising progressively in a parallel ascending channel since June 18. On August 15, BTC peaked at USD 25,200, and then corrected and broke the pattern 10 days later. Since then, the RSI, or Relative Strength Index, has remained below 50 points, which is a clear sign of a downtrend.

Bitcoin Future Price Pronostic: Will The Price Of BTC Continue To Decline Or Has It Bottomed?

General market sentiment, despite strong fundamentals in September, remains bearish. However, most technical indicators and on-chain analysis suggest that the bottom is near. As pointed out by @OnChainCollege, a renowned Bitcoin analyst, the percentage of supply at loss has fallen below 48%. All stocks below 50% have previously been associated with trending funds in the cryptocurrency market.

In other words, although the outlook looks cloudy for bitcoin and cryptocurrencies, the bottom of the trend may have already been reached. However, the recovery may last for days or even weeks, depending on movements in the world economy.

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Angélica Añez

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