On September 25, Bitcoin saw its lowest weekly close since February 2020, as macro turmoil and a week of volatility took their toll. The pair of BTC/USD was down $400 since the beginning of the week but traders were not optimistic amid concerns that risky assets will continue to bleed. The US Dollar Index (DXY), however, was poised to defend new 20-year highs of 113.2 set over the last week and at the expense a number of major fiat currencies. The price of Bitcoin has dropped by less than 1 percent, while global volume is up by about 4%. Asset dominance remains in the 39.1% range.
BTC traded at $18,875 as of the writing.
Chart for Bitcoin (BTC).
BITCOIN traded sideways below its 20-Day Moving Average, trading in a range of $18,250 to $19,000. This is despite having a high volume trade over the past ten day. The asset is trading in a strong support area between $18,000 and $17,500 ($17.622 Previous Bottom), while $20,750 to $22,500 are strong resistance levels. The asset’s trend will be determined by breakouts at these levels, which are supported by good volumes. The bears have the advantage if the moving averages are downsloping and the RSI is below 50.
Support 2Support 1AssetResistance 1Resistance 2$15,000$17,500BTC$22,000$28,500
Disclaimer: This report should not be regarded as advice for investors or potential investors. It does not consider the investment goals, financial situation, or needs of any investor.
When deciding whether an investment is right for them, all investors should take into account these factors and consult with their professional advisor. This report was compiled by the Company using information available. The Company also used information from public sources that were not independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, reliability, or correctness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading & Investments in cryptos viz. Bitcoin Cash, Ethereum, and Bitcoin Cash are just a few examples. These are highly speculative investments and can be subject to market risk. Author’s analysis is intended to be used as information only and not as investment advice.
Did you miss our previous article…