Bitcoin Tests Key Support as Prices Hover Around 18,000

Bitcoin has fallen back to a key area of support that served as the upper limit of the downward movement in late June at the 18,000 level. This is a crucial test for Bitcoin, as it will determine whether the recent rally can be sustained or if the[...]

I believe that Bitcoin is currently in a crucial area of support that could serve as the upper limit of the negative movement in late June. If the 18,000 range holds, I believe that Bitcoin could begin to rebound and potentially resume its uptrend. However, if this support level breaks, it could signal further downside for the cryptocurrency.

Bitcoin Breaks Crucial Level, Price Jumps

It is clear that the 20,000 level is a crucial support level for Bitcoin, as it has served as a resistance level in the past. However, with the recent break below this level, it is possible that prices could fall further. Therefore, it is important to watch this level closely in the coming days and weeks.

Bitcoin's market share falling below 39% is a worrying trend for the cryptocurrency. According to Ali Martinez, a cryptocurrency expert, this puts strong downward pressure on Bitcoin as it moves into September. This is a worrying development for Bitcoin, and it will be interesting to see how the cryptocurrency fares in the coming months.

For Bitcoin maximalists, this is troubling news as alternative cryptocurrencies continue to overtake the cryptocurrency monarch.Bitcoin's dominance of the market is slipping, and altcoins are starting to make a serious dent in its market share. While this is good news for cryptocurrency as a whole, it is troubling for those who have put their faith in Bitcoin as the one true cryptocurrency.

As Bitcoin's price continues to fluctuate, analysts are drawing attention to a concerning trend in the cryptocurrency's performance from September. While the exact cause of the trend is unknown, it could signal trouble for Bitcoin in the future. For now, investors will continue to watch the market closely to see how the situation develops.

It's no secret that Bitcoin has been struggling lately. After a strong start to the year, the cryptocurrency has seen its value drop in recent months. And it looks like the trend may continue, at least according to one expert. Glassnode reported on September 7th that 19.29 million BTC addresses had losses. This means that a large number of people are losing money on their Bitcoin investments. And if this trend continues, it could mean bad news for the future of the currency.

It is clear that Bitcoin has reached new heights in recent years, and it is expected that the trend will continue in the future. With each new record high, Bitcoin becomes more and more mainstream, and its adoption is only increasing. This is good news for those who have invested in Bitcoin, as the value of their investment is sure to continue to rise.

Selling pressure has returned prices below the late-June low of $18,595, following a fall below previous support that had turned into resistance. This is a bearish development that suggests further downside in the near-term. Prices could test support around $17,000, and a break below that level could trigger further selling.

Price May Crash Further

In the event that prices drop further, a break of the $18,000 psychological level could lead to a retest of the $17,792 level, which represents the 78.6% retracement of the move from 2020 to 2021, with the December 2020 low of $17,569 serving as the next level of support. However, it is worth noting that the $18,000 level has served as support on multiple occasions throughout 2020 and 2021, so a break below this level would be significant.

It is clear that the historical levels have created areas of confluence that are preventing both bulls and bears from making any significant progress. Price movement has been stuck between $18,500 and $19,000 for some time now, but it looks like we could see a move higher if the price breaks above $19,000 and $19,500. If that happens, the next levels to watch would be $19,666 and $20,418.

The Glassnode report paints a potential negative market movement for Bitcoin. It claims that around 12.589 million BTC, or over 65.77% of the total amount of BTC in circulation, have been dormant for at least a year. This could signal a coming market crash as investors lose faith in the digital currency.

I believe that the current "Bitcoin bear market" is simply a case of the market correcting itself after a period of unsustainable growth. I think that we will see a period of consolidation before the market starts to move upwards again. In the meantime, I believe that maximalists who have been patiently waiting for a price breakout will be rewarded for their patience.

The analyst predicts that there will be periods of volatility in the short term, based on the patterns exhibited by the Net Unrealized Profits (NUP). This could mean that prices could fluctuate quite a bit in the near future, so investors should be cautious.