BitcoinBitcoin NewsBTC NewsCryptocurrency NewsGeneral NewsNewsPrice Analysis

Bitcoin Price Prediction sees the Bears Resting while the Bulls Prepare to Test $25,000 Again

Bitcoin Defies Macro Environment to Surge Above $20,000

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.

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. 

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.


Related Articles

Bitcoin Cash Split into Two Blockchains- This Will Not Change Anytime Soon


Bank of International Settlements (BIS) bets on CBDCs and digital payments amid COVID-19


McAfee says “I Haven’t Filed a Tax Return in 8 Years”