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Bitcoin (BTC) Price Analysis for 9/22

Can Bitcoin (BTC) fall below $10,000 by the end of September?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Almost nothing crucial has changed on the cryptocurrency market since yesterday. All Top 10 coins remain in the red zone, while Ethereum (ETH) is the main loser among them, falling by 5.57%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

As altcoins are falling faster than Bitcoin (BTC); the market share of the leading crypto has increased and now its index accounts for 58.6%.

BTC’s market share
BTC’s market share

The relevant data for Bitcoin is looking the following way today:

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  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $194,095,833,226

  • Price: $10,493.46

  • Volume (24h): $28,740,684,482

  • Change (24h): -2.01%

The data is relevant at press time.

BTC/USD: Сan bears retest the $10,000 mark by the end of the week?

Yesterday, the bears resumed strong pressure, and the price of Bitcoin (BTC)breaking through the strong support of $10,500set a daily low around the level of $10,286.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Before the end of the day, buyers tried to restore the price, but buying volumes were quite small and the pair was unable to bounce above the level of $10,500.

👉 MUST READ BTC, ETH, XRP Price Analysis—Have Bears Already Seized the Short-Term Initiative?related article image

For a short time, the Bitcoin (BTC) price might be able to hold in a narrow consolidation around the POC line ($10,277). However, one can soon expect a continuation of the fall below the psychological level of $10,000, to the support area of $9,800.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H time frame, bulls are likely to seize the initiative in the short-term scenario. It is confirmed by bullish divergence on the RSI indicator. However, one should consider it a correction after a fall but not a trend change. In this case, the endpoint of the rise may be the $10,582 mark.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger chart, the drop might not have finished yet, and bears are about to push the rate of Bitcoin (BTC) deeper to the liquidity level around $10,000. Moreover, the blue line of the MACD indicator is likely to cross the red one that suggests an ongoing drop. That is why there is a high chance of the chief crypto reaching $10,000 by the end of the current month.

Bitcoin is trading at $10,494 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com