Bitcoin

Bitcoin(BTC) Price Regains $19K, Here’s Why the Rally Appears Unreliable!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Sep 22, 2022

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Article Highlights
  • Bitcoin price is slowly ranging towards the crucial resistance at around $19,000 which may be tested & clears before the close of the day’s trade

  • Nevertheless, it may certainly not be considered as the resurgence of the bulls as the bears are set to trap them at higher prices beyond $20,000

The crypto markets again turn greener ahead of the long-promised Vasil Hard Fork in a much similar way the markets recovered before the Merger. The Bitcoin price which underwent an 8% decline with the fresh increase in the Fed interest rates, has turned bullish ahead of the fork. Luckily, the BTC price respected the support zones which offered the asset a significant push close to $19,000 at the moment. 

Ever, since the FOMC rates have been let out, the top crypto has been constantly making fake-outs. Therefore, the trend of the asset cannot be confirmed yet as the markets are expected to remain highly volatile for the next 24 hours. However, the BTC price reached the lower support which triggered a huge buy signal. 

Therefore, the BTC prices have now raised beyond $19000 which may be extended to $20,000 before the day’s close. 

As can be visualized in the above chart, the bears had dragged the asset close to the lower support, while a significant rebound uplifted the price back within the triangle. Currently, the price action may appear to be bullish but the fear of a massive rejection may make its way out. 

In such a case, the BTC price is required to hold above $18,000 to avoid a plunge below the crucial support and hit $16,500. Additionally, the trading volume has risen by more than 47% to reach levels above $51 billion, majorly holding the buying volume.

After a huge bearish close for the previous day, which was the lowest in the past 649 days, Bitcoin observed a significant upswing as the number of addresses selling to exchanges reached a 14-month low. Therefore, the next 24 hours are expected to remain volatile and very crucial which may have a larger impact on the Bitcoin(BTC) price in the coming days.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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