Red canceled – The price of Bitcoin (BTC) is recovering to $20,000 and $21,000, three days after its first foray below $19,000 this week. The bulls are now coming up against a former key resistance.
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The $20,000 as strong support for Bitcoin price
Bitcoin price rises to $21,419 on Bitfinex today, September 9, 2022. Cryptocurrency is trading at $21,261 at the time of writing this article. Its price is currently registering a significant daily gain of 9.69%.
Today’s sharp rise follows much more intense whale movement in recent days, whales having managed to form and hold support around $19,100.
On a monthly basis, the return above $20,000 puts the candle on this period in the green. Trader Rekt Capital shared a Bitcoin price chart, which illustrates that the cryptocurrency has formed a monthly support cluster “in a historically confluent demand zone” at $19,700-$23,500- the green area in the graph below.
The $ 23,000 at a resistance near for the price of Bitcoin
Based on the recent daily fluctuations in the price of Bitcoin, before it returned to around $20,250 on August 26, the cryptocurrency could now face a resistance at levels near $21,500.
The August 19 closing level around $20,800, a level that also stopped the big red daily candlestick at the time, could serve as support for the next few days.
A consolidation between $20,800 and $21,500 is therefore to be expected. Should Bitcoin manage to break this resistance at $21,500, historical data shows that the cryptocurrency could then rally back to its August 19 opening level above $23,000.
The trader Michaël van de Poppe, who issued similar forecasts, also expects a bullish continuation in the $23,000 – $25,000if Bitcoin manages to break through this resistance zone around $21,500.
He also gave some descriptive and explanatory elements for today’s sharp rise, referring to “a big sweep of the lows, recovery and strong candles” implying a strong comeback in the price of Bitcoin, alongside a dollar. which suffers a decline.
Is the long-awaited bullish reversal, on a weekly basis, happening, as the price of Bitcoin once again escapes a drop to $16,000, with this return above $21,000?
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