Bitcoin (BTC) faces another week of “huge” macro announcements after lowest weekly close since July. After days of losses according to the latest US inflation data, BTC along with Altcoins, and risky assets in general, has not recovered. The largest crypto asset has yet to trade at the $20,000 support level and in the third full week of September there is a renewed risk that this level could function as resistance. Bulls have a lot to fear: In the coming days, the Federal Reserve will decide on the next major rate hike, which will affect the market well beyond just sentiment. The price of the asset is down by around 6%, while the volume has swelled up close to 50%.
At the time of writing, BTC was trading at $18,766.
BITCOIN, after facing stiff resistance at $22,500 witnessed a sharp correction on 13th September 2022 and broke the support of $20,740 and 20 Day Moving Average. Post this move the asset consolidated between $19,500 and $20,250. The prices gave a breakout on the downside and are trading below the range making the low of $18,670. BTC has a strong support zone from $18,500 to $17,500. If it holds and sustains above the support then we can expect an up move whereas a break and a close below the previous bottom of $17,622 can lead to further downfall and the prices can drop to $15k levels.
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurre ncies viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.