Bitcoin’s price is recovering from the slump of August, indicating that buyers are interested in buying the cryptocurrency. Furthermore, an upward trend in the BTC market structure over a shorter period has confirmed that a turnaround is likely.
#Bitcoin Price Compression!
Big move coming any moment now! pic.twitter.com/V7XERrQlHY
— Crypto Rover (@rovercrc) September 15, 2022
A 15% drop in bitcoin’s price between September 13 and 16 reversed a 23% rise between September 7 and 13. A change like this was caused by the Consumer Price Index (CPI).
It’s Hay Day for Bitcoin
There’s a good chance that a reversal here is coming because BTC hit a swing high at $22,850 and then declined to retest the twelve-hour demand zone, which ranged between $18,500 and $19,909.
The sellers have tried many times but haven’t been able to top $19,539 in August. Nevertheless, there are interested buyers out there suggesting a market for this product.
Bitcoin won’t be able to drag down promising web3 projects forever.
BTC price goes down, entire crypto market goes down even though many projects have fantastic fundamentals.
Fundamentals will eventually prevail.
— Mario Nawfal (@MarioNawfal) September 17, 2022
It is possible that BTC will attempt a rebound rally in the future, which, if enough momentum develops, may result in a price higher than the $22,850 high just reached.
Should it succeed in retesting $25,000, which is midway between the 45% drop between May 31 and June 18, Bitcoin might continue its run. A shorter-term perspective shows that Bitcoin is improving, even though a macro view remains unfavorable.
Hence, the bullish thesis would be refuted if the sellers rebounded and closed below the twelve-hour demand zone, which extends from $18,500 to $19,909. As a consequence, the bottom of the market would be lower. Because of this situation, BTC may fall below the swing low of $17,593 made on June 18.