Bitcoin must retake $19,000 to be ‘bullish,’ says analyst
Bitcoin’s (BTC) price has been under strong downward pressure in 2022, with the leading digital currency now fighting to maintain the $19,000 mark.
In a September 22 tweet, crypto trading specialist Michal van de Poppe declared that “Bitcoin must retake $19,000 to have any bullishness” during the down market. The market analyst saw that Bitcoin was doing a symbolic “fake-out” at the Federal open market committee meeting.
Aside from this, top crypto specialist Ali Martinez also identified critical support levels, emphasizing that Bitcoin must maintain a price above $18,000 to prevent a decline below $16,500.
In the last week, Bitcoin attempted to break through the important support level of $18,500, but bulls lacked the necessary strength to push the price beyond $19,300, and investors have been seeking safer options out of fear of stagflation.
If bears are successful in bringing the price to this level, it may close there. If the asset were to break through the channel’s midline support, its value may fall to $16,000 and then far lower to $14,000.
However, the impending FOMC meeting scheduled for later today (September 22) might possibly increase the price to the upside if the Federal Reserve releases positive information.
Since the DXY index is very bullish, a surge of this kind is likely to be short-lived, indicating that the cryptocurrency market may see negative growth in the near future.
Bitcoin is now trading at $19,130, an increase of 0.12% over the last 24 hours and a decrease of 5.00% over the previous week.
According to statistics obtained by Finbolt from CoinMarketCap, the total market capitalization of the first asset is $366 billion.