Bitcoin Price Crashed Amidst Wider Sell Off, This Could Be The Next Stop
2022年9月15日 - 10:00AM
NEWSBTC
Bitcoin price plunged close to 8% over the past day owing to the
high Consumer Price Index report. The prices of most altcoins fell
on their respective charts after the CPI showed a 0.1% increase in
August, which has now taken the unadjusted value to 8.3%. The
annual increase was expected to be 8.1%. Over the last 24 hours,
Bitcoin registered a 4% loss. Given that the market is undergoing
an extended sell-off, a further fall in BTC’s value could be
expected. The technical outlook for the coin was bearish as buyers
left the market at the time of writing. Bitcoin price has been
struggling at $18,900 for the past month, but it has managed to
break through this price level in the last week. Bitcoin has soared
past the $22,000 level. The recent blow from the CPI report has
pushed the coin downwards. Indicators have chosen to side with the
bears given how sellers are dominating the market at press time.
The global cryptocurrency market cap today is at $1.04 trillion,
with a 2.5% negative change in the last 24 hours. Bitcoin Price
Analysis: One Day Chart BTC was trading at $20,200 at the time of
writing. The plunge from the $22,000 mark was sudden due to the
unanticipated number from the CPI report. Immediate resistance for
Bitcoin price was at the $21,000 mark. If BTC manages to topple
this level, it can get back to trading above the $22,000 price
mark. Local support for BTC was at $19,200. However, with the
intense sell-off, the coin could fall to trade near the $18,900
support line. The amount of Bitcoin traded in the past session grew
slightly, indicating that there was an influx of buying strength.
Technical Analysis BTC has registered a sharp fall in buying
strength over the last 24 hours. This fall in buyers has further
pushed the price near the nearest support line. The Relative
Strength Index was seen below the half-line, indicating strong
selling strength and, therefore, bearishness. Over the past few
trading sessions, RSI noted a small uptick, indicating that the
buying strength increased slightly. Bitcoin price just fell through
the 20-SMA line, which was also a sign that sellers were driving
the price momentum in the market. Related Reading: Crypto
Volatility Might Rise After The Major Key Events Ahead BTC
displayed buy signal despite the market registering a tiny buy
signal after buying strength displayed an appreciation. The Awesome
Oscillator depicts the overall market strength and the direction of
the price. AO climbed above the half-line, indicating that buyers
could act on this price action. Even if buyers act on the buy
signal, the price of the asset would hardly notice an upward
movement. The Directional Movement Index signals the price
direction and momentum. DMI was negative as the -DI (orange) line
was above the +DI (blue) line. The Average Directional Index (red)
was above the 20 mark, which means that the present price direction
has gathered strength. Related Reading: TA: Bitcoin Price Trims
Gains, Why $20K Is The Key To Fresh Increase Featured image from
Pixabay, Charts from TradingView.com
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