Bitcoin September 6, 2022 – Major Breakout

range exit – Bitcoin (BTC) price loses $19,000. In the very short term, the cryptocurrency must now hold above the last line of defense of the whales, to prevent a return to the $16,000 announced for weeks.

This Bitcoin price analysis is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

End of a Routine for Bitcoin Price

The price of bitcoin drops to $18,691 on Bitfinex today, September 6, 2022. The cryptocurrency is trading at $18,984 at the time of writing. Its price is currently recording a daily loss of 3.87%.

Investor Mark Davis pointed out that the price of Bitcoin “finally broke out of the range” after the cryptocurrency traded there, during “ 10 days of side action “.

Posted by Lark Davis – Source: Twitter

This break was unfortunately bearish. After yet another pressure from the bears, the support around $19,500 finally gave way. Bitcoin is now testing support at levels near $18,900, which the cryptocurrency price bounced off on June 18 and June 30-3, as well as July 13.

BTC USD: support at $18,900
Posted by Matthew Hyland – Source: Twitter

Bitcoin then relied on this support to start a technical rebound, with “a new local high”.

Also, this $18,900 is close to the support formed by a concentration of whales at $19,100, according to data shared by Whalemap.

Bitcoin price: whale supports
Publication of Whalemap – Source: Twitter

If this area of $18,900 – $19,100 were to give way, the chart below shows that the next major support formed by the whales is at $16,500.

Some indicators are flashing green on a weekly basis, while others are pointing to $8,000. A break from this essential support zone at $18,900-$19,100 would give much more credibility to a bottom at $8,000, before a reconquest of $20,000.

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