Bitcoin prices start to drop on September 5th, reaching a low of $19,328 on September 9th.
Bitcoin prices started to drop on September 5th, until it reached $19,328 on September 9th.
The expectation of every crypto investor this month is to see some bullish trends in the market. Many top assets have recorded more pullbacks than rallies in the months following the overall market crash, but the market is showing signs of life again. Investors are hopeful that the market will turn around soon and that their investments will start to pay off again.
It is difficult to predict which way the market will go in the cryptocurrency world. One week may bring a bullish trend, while the next may be bearish. This unpredictability can be scary for investors, as they never know when they may experience losses. However, it seems that the week beginning from September 5 to 12 brought a lot of bullish moves for many cryptos. This gives hope to investors that the market may be stabilizing and heading in a positive direction.
The week started off with some pullbacks, but the rallies soon took the upper hand. For instance, Bitcoin closed the week above $21 after struggling to reach the $20K mark without success. This shows that the market is still strong despite some temporary setbacks.
BTC price from September 5 was $19,988 and continued dropping until it reached $19,328 at the opening of markets on September 9. However, before the market closed the same day, BTC prices spiked above $20 to hit $21,381.15. This sudden increase in BTC prices may be due to the recent news that PayPal will start allowing users to buy, sell, and hold cryptocurrencies on its platform. With PayPal's backing, cryptocurrencies could become more mainstream and see even more price increases in the future.
Indicators of an Imminent Bullish Trend
It is clear that Bitcoin is on the rise again, after a slight dip below $21,000 last week. This time, the popular cryptocurrency has climbed even higher, to over $22,000. Analysts believe that this is just the beginning of a new bullish trend for Bitcoin, and are watching other indicators closely for confirmation. This is good news for Bitcoin investors, who have seen the value of their holdings increase significantly in recent months.
I believe that BTC's sharp bounce in the first week of September is a positive sign for the coin's future price movements. The fact that the coin price hit a bullish close of $21,826 after maintaining a $19400 horizontal support area since June indicates that there is strong buying pressure for BTC. I believe that BTC will continue to rise in price in the future as more investors recognize its potential as a store of value and investment asset.
BTC’s All-Time High Price Of The week And Its Closing Price Were Very Close, Showing Sellers Could Not Bring The Price Down. This Situation Clearly Suggests That The Bulls Are Pushing. Also, The Weekly Relative Strength Index For BTC Moved Away From The All-Time Low Region And The Oversold Territory.
Bitcoin's price has been on the rise in recent days, and if it continues to push upwards, the next resistance level it will encounter will be $29,425. This is the 0.382 fib retracement resistance level of the recent downward movement, and if Bitcoin can break through this level, it could signal further bullish momentum.
Many analysts believe that Bitcoin will face another resistance level at $37,300, which is based on a 0.382 fib retracement of the overall downward movement from BTC's all-time high. This suggests that Bitcoin still has some room to grow before reaching its potential peak.
Bitcoin prices move on trading chart
BTC's daily price chart is heading towards a bearish candlestick, but its current daily RSI is bullish. For the move to be considered bullish, BTC must reclaim the 0.5-0.618 fib retracement resistance region.
It is clear that analysts are confident that Bitcoin is currently in the midst of an upward trend which started on August 7. This is the fourth wave out of a five-wave trend, and after a brief correction, the price is expected to increase towards $22,700. This level represents a 0.618 fib retracement resistance level, and if Bitcoin can reach it, it would be a positive sign for the cryptocurrency.
