Bitcoin Price Analysis September Week 1
Bitcoin has been continuously fluctuating in a short span from $19,540 to $20,500. Presently it is trading at $19,799.75. The bears have declined beneath the $20,000 support level. According to our Bitcoin price analysis, it is estimated that if the top crypto falls lower than the $19,540 support level then a continuity will be witnessed in the selling pressure.
Bitcoin Price Analysis: Fluctuation from $19,540 to $20,500
Since 20th August, stability has been seen in the price of Bitcoin (BTC) in a limited range. At the moment the price is gradually dropping and getting near to the decreased price level of nearly $19,540. In the case of a consistent decline, the sellers would push the toke to the dangerous support areas between $18,910 and $18,626. Such a bearish trend will keep on lengthening to the extremely low price level of around $17,605.
On the contrary, the purchasers will endeavor to take the price of the token to higher points while gradually increasing it between $19,540 as well as $20,500 in the case of witnessing sustenance in the present support. According to CoinGecko, although the top crypto has not witnessed a considerable jump, the worldwide market capitalization of cryptocurrency regained its position above the $1T point.
In August this year, the AUM of Bitcoin dropped by 7.16% (placing it at $17.4B). As a consequence of that, the market share of the token declined by 67% of the cumulative AUM. This mark was lower than 76.9% (which was witnessed in July). An independent researcher named “Kyle McDonald” mentioned that a crash might occur in the price thereof.
According to him, the reason behind that collapse would be the transition of Ethereum from PoW to PoS consensus. As per him, the primary crypto token may not reach the figure of $69,000 for another time. He was of the view that the ETH’s shift from proof-of-work mining will persuade people to leave Bitcoin.
BTC Still Has a Chance to Break Resistance at $20.5K and $21K If It Rebounds
In the meantime, the price of BTC is higher than the present support. On the positive side, if the token experiences a rebound, the resistance at the points of $20,500 as well as $21,000 will be broken by it. Simultaneous to this, the price of the top cryptocurrency is lower than the twenty percent span of the regular stochastic. This signifies that the oversold zone has been reached by the market.
