Deceptive resemblance? The price of bitcoin (BTC) is rising again after another announcement by the FOMC to raise the interest rate in the US. Will the markets be eligible for a repeat of the recent pattern in the coming days, or will it be harder to win back $20,000 this time around?
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Deja vu at the price of bitcoin?
Today, September 22, 2022, the price of bitcoin on Bitfinex rose to $19,316. At the time of this writing, the cryptocurrency is trading at $19,227. Its price is currently registering a daily gain of 4.06%.
Bitcoin currently appears to be reproducing the September 4th to 7th pattern with a green daily candle sequence followed by two reds and one green. The same sequence was observed from September 19 to the present day.
In both patterns, red candles caused Bitcoin’s price to fall below $19,000. Both the September 7 green candle and today’s green candle pushed Bitcoin above $19,000. And in both cases, the ascent stops at $19,300-$19,500.
Continuing with the September 8 and 9 swing analogy, Bitcoin could be back above $20,000 by the end of this week.
Will whales block $20,000?
However, these predictions based on past Bitcoin price movements must take into account the existence of a major resistance area just below $20,000. Whalemap data shows a strong concentration of whales at $19,900, which could stop possible bullish momentum towards a $20,000 recovery.
Bitcoin also surged to $19,888 yesterday before suffering a bounce that brought its price back and kept it below $19,000 until the close of the day.
Still based on the whale map, Whalemap indicates that the “key” for Bitcoin is to hold between $18,000 and $19,000.
Bitcoin may have fallen recently due to the rising dollar, but the markets could see a bullish rebound that would see the cryptocurrency top $20,000 again. However, another release close to this level should not be discounted. In such a scenario, support at or below $19,000 could falter again.
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