Bitcoin

Crucial Levels Bitcoin Must Hold To Escape Bearish Dominance

Author: Delma Wilson

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Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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There was a significant price surge within the Bitcoin (BTC) price, yet the highs were short-lived. Due to the bearish domination, prices fell sharply, and the market has been highly negative ever since then for the token.

At the most important support level of $19,000, 1.3 million addresses purchased over 6,80,000 Bitcoin. BTC must keep its position above this demand zone because there is little to no support below it.

Tracing Recent Bitcoin Movements:

  • In early September, the BTC prices surged by 21% and reached their highs at $22799.22. The bears came into action and dropped the prices below the sell entry ($20486) to the lower levels of $18546.84.
  • Below the sell entry, $19907 serves as the immediate support level. Bitcoin prices consolidated between $19907 and lower levels for 8 days.
  • Soon, the bulls attempted a rally but failed to sustain above $19907 and dropped back to the lower levels. Without giving up, the bulls once again attempted a rally. The prices again consolidated within the same range for a week and finally surpassed the $19907 level.
  • BTC prices consolidated between the sell entry and the $19907 support level for three days. As a result, a double-top also known as an “M” pattern was formed. This indicates a bearish scenario ahead.
  • The bears soon became dominant and dropped the prices below the $19907 support level. The BTC prices fell to $19,343.
  • If the bears continue to dominate the prices may eventually drop below $18516 and reach their lows at 18119. Investors can accumulate their profits at $18516.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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