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BTC Price Rises as Buyers Recoup above the $18.2K Low

BTC Price Rises as Buyers Recoup above the $18.2K Low

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Bitcoin Bulls Buy Dips As Buyers Return Above $18.2K Low – September 22, 2022

BTC/USD has gained momentum as buyers recover above the $18.2000 low. On September 19, Bitcoin reached a high of $19,694, but was unable to surpass the recent high. The major cryptocurrency can recover above the $20,000 peak if it breaks the 21-day SMA.

Bitcoin price statistics:
•Bitcoin price now – $19,380.59
•Bitcoin market cap – $371,292,517,229
• Recycled bitcoin supply – 19,157,956.00 BTC
•Total supply of Bitcoin – $408,467,922,046
•Bitcoin Coinmarketcap Ranking – #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 retest and break the 21-day SMA line. There was a price spike yesterday when Bitcoin rose to the 21-day SMA, but fell sharply above the current support. Bears have retested the current $18,200 support twice as bulls bought dips.

The current support may hold due to the role of two long-tailed candlesticks. Long candlestick tails indicate strong buying at lower price levels. Bitcoin has peaked at $19,380 as it approaches the 21-day SMA. For example, if buyers push the crypto above the 21-day SMA line, Bitcoin will rise to the 50-day SMA. A break above the moving average lines will allow Bitcoin to reach the upper resistance of $25,205.

BTC and ETH may still fall ahead of Fed rate hike – Bloomberg analyst

The US Federal Reserve’s inflation ‘hammer’ could further cause Bitcoin and Ethereum to fall. The Fed’s latest rate hike is likely to be announced this week. The market is expected to see an increase of at least 75 basis points. Others think the interest rate hike could be as much as 100 basis points. According to Bloomberg analyst Mike McGlone, the Fed’s actions continue to dampen investor sentiment as Bitcoin and Ethereum fall to record lows.

He said: “We need to turn to the macro picture and what has pressured cryptos this year and that is the Fed strike.” During the interview, McGlone predicted the latest rate hike could trigger a crash in assets worse than the 2008 housing bubble crash: “I think it’s going to be worse than the 2008 correction, worse than the Great Financial Crisis.” The Fed started easing in 2007, and then it added massive amounts of liquidity. They can’t do that anymore,” he added.

Bitcoin Price Forecast for Today September 22nd: BTC Price Rises as Buyers Recover Above $18.2000 Low
BTC/USD – Weekly Chart

At the same time, Bitcoin is making an upward correction as it reaches a high of $19,378. A bullish move will accelerate if the price crosses the $20,000 peak. Bitcoin is at the RSI level of 44 in period 14. It shows that Bitcoin is in a downtrend zone despite an upward correction.

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