Bitcoin Technical Analysis Report | 26th-September-2022

Bitcoin hit its lowest weekly close since 2020 on September 25, as a week of macro turmoil took its toll. Although down just $400 since the start of the week, the pair of BTC/USD offered traders little optimism amid fears that risky assets would continue to bleed in the coming days. At the same time, the US Dollar Index (DXY) was preparing to defend fresh 20-year highs set over the past week – above 113.2 and at the expense of several major fiat currencies. BTC’s price has fallen by less than 1% while there is a swell in global volume by around 4%. The asset dominance is still in the 39.1% range.

At the time of writing, BTC was trading at $18,875.

Bitcoin Price Chart- 26th Sept 2022
Bitcoin (BTC) Chart

BITCOIN has been trading sideways below its 20 Day Moving Average in a range from $18,250 to $19,500 over the past ten days. The asset has a strong support zone from $18,000 to $17,500 ($17,622 Previous Bottom) whereas $20,750 and $22,500 are acting as strong resistance levels. Breakouts on either side of these levels with good volumes will further decide the trend for the asset. Downsloping Moving Averages and RSI below 50 indicate that the bears still have the upper hand.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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