Bitcoin price continues to struggle around $20,000 despite bullish market sentiment ahead of Ethereum merger. The bulls attempted an increase in the price but could only sustain it up to the $20,330 level. While the bears also do not appear to be strong at the moment, bulls could pull the price out of the bearish trap.
Until then, these lower support levels appear to be crucial and will need to be monitored closely.
However, the price of Bitcoin could remain under the bearish influence for a few more days until a large inflow of volume is induced regardless of the direction. However, a well-known analyst is charting the crucial support levels to sustain the BTC price rally in the coming days.
According to Glassnode data, BTC price has held above Delta price since its inception. Every time the price falls and marks its bottom, the lower delta price levels are respected. The last time the price fell to these levels was during the 2019 bear market. Later during the March 2020 crash, the price fell close to the breakeven price.
BTC price has fallen near the same level a few times at the moment and has formed a double bottom pattern. Interestingly, the price remained out of reach throughout 2021, reaching below realized levels after the May 2022 crash. Therefore, Bitcoin (BTC) price could trade in the same regions in the coming days until the end of September bearish.
Was this letter helpful?
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.