27 Sep 2022

BTC regains $20k, but conditions stays choppy

Bitcoin regained $20k Tuesday morning as June lows hold for now.
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BTC holds firm within its choppy trading range, and promising Tuesday trading activity has pushed the prices above $20k.
Source: Tradingview (Coinbase)
Bitcoin stays within its 3-month long consolidation range between $17.5k and $25k and found support last week at $18k and has yet to retest June lows. Towards the downside, BTC has strong support in the lower $19,000 area. This appears to be a strong accumulation area for BTC, with a relatively strong bid, leading BTC to maintain relative strength during a tumultuous macro week. BTC is currently trading in a resistance area. BTC struggled to push beyond the $20,500 area in July and early September. However, previous breakouts have sent BTC towards the $22,500 resistance, which should be the next level to eyeball if BTC maintains its short-term momentum. Nevertheless, in general, BTC has mostly stayed directionless in a very messy trading range since the June collapse, and structurally there is a lack of momentum in either direction.
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