BTC price rises above the $18.2K low as buyers recover

Bitcoin Bulls Rebuy Above $18.2K Low as Buyers – September 22, 2022

BTC/USD gained momentum as buyers recovered above the $18.2K low. In an upward correction on September 19, Bitcoin rose to a high of $19,694 but failed to break above the recent high. If the major cryptocurrency breaks above the 21-day line SMA, it could recover above $20,000.

Bitcoin Price Statistics Information:
• Bitcoin price now – $19,380.59
• Bitcoin market value – 371,292,517,229 dollars
• Bitcoin Transfer Supply – 19,157,956.00 BTC
• Total supply of Bitcoin – $408,467,922,046
• Bitcoin Coinmarketcap Rank – #1

Resistance Levels: $50,000, $55,000, $60,000
Support Levels: 25,000, 20,000, $15,000

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Bitcoin (BTC) price is in a downtrend but is making an upward correction to try and break above the 21-day line SMA. Yesterday, Bitcoin was bullish as it rallied to the 21-day line SMA but fell sharply from current support. Support at $18,200 was tested twice by bears as bulls bought dips.

Due to the action of two candlesticks with a long tail, current support can be held. Long candlesticks indicate strong buying at low price levels. Bitcoin rose to $19,380 as it approached the 21-day SMA. For example, if buyers push the cryptocurrency above the 21-day line SMA, Bitcoin will rise to the 50-day line SMA. A break above the moving average lines would allow Bitcoin to reach potential resistance at $25,205.

BTC and ETH may fall further before the Fed raises interest rates – Bloomberg analyst

The US Federal Reserve’s inflationary “sledgehammer” could further depress Bitcoin and Ethereum. The Fed’s latest rate hike could be announced this week. The expected market will have a minimum 75-basis-point increase. Others think interest rate hikes could be as high as 100 basis points. According to Bloomberg analyst Mike Magglone, the Fed’s actions will continue to dampen investor sentiment as Bitcoin and Ethereum continue to decline to lower price levels.

He said: “We need to turn to the macro bigger picture and what is putting pressure on cryptos this year and that is the Fed hammer. During the interview, McGlone said the new price increase in 2018 He predicted that the collapse of the housing bubble in 2008 would be worse for property damage: “I think it will be worse than the 2008 correction, worse than the Great Financial Crisis.” The Federation It started easing in 2007, and then they added a lot of liquid. You can’t do that anymore,” he added.

Meanwhile, Bitcoin is making an upward correction as it reaches a high of $19,378. An upside move will accelerate if the price breaks above $20,000. Bitcoin is at 44 for the 14-month relative strength index. This indicates that Bitcoin is in a bearish trend zone despite an upward correction.

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