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.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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