Crucial Levels Bitcoin Must Hold To Escape Bearish Dominance
The post Crucial Levels Bitcoin Must Hold To Escape Bearish Dominance appeared first on Coinpedia Fintech News
There was a significant price surge within the Bitcoin (BTC) price, yet the highs were short-lived. Due to the bearish domination, prices fell sharply, and the market has been highly negative ever since then for the token.
At the most important support level of $19,000, 1.3 million addresses purchased over 6,80,000 Bitcoin. BTC must keep its position above this demand zone because there is little to no support below it.
Tracing Recent Bitcoin Movements:
- In early September, the BTC prices surged by 21% and reached their highs at $22799.22. The bears came into action and dropped the prices below the sell entry ($20486) to the lower levels of $18546.84.
- Below the sell entry, $19907 serves as the immediate support level. Bitcoin prices consolidated between $19907 and lower levels for 8 days.
- Soon, the bulls attempted a rally but failed to sustain above $19907 and dropped back to the lower levels. Without giving up, the bulls once again attempted a rally. The prices again consolidated within the same range for a week and finally surpassed the $19907 level.
- BTC prices consolidated between the sell entry and the $19907 support level for three days. As a result, a double-top also known as an “M” pattern was formed. This indicates a bearish scenario ahead.
- The bears soon became dominant and dropped the prices below the $19907 support level. The BTC prices fell to $19,343.
- If the bears continue to dominate the prices may eventually drop below $18516 and reach their lows at 18119. Investors can accumulate their profits at $18516.
