After several red days that led bitcoin (BTC) to a low of $18,250, the price is climbing again. The price first encountered some resistance around $19,200 yesterday, but then found support around $19,000. However, this morning, as it did last night and last night, bitcoin is running into resistance around $19,400.
The resilience of this #Bitcoin support range is pretty stunning: pic.twitter.com/tODeTKBjvm
— Caleb Franzen (@CalebFranzen) September 22, 2022
At the time of writing, the bitcoin price is $19,360 on Binance and $19,700 on Bitvavo. Bitcoin is now 4% in the plus. Trading volume fell 20% in the past 24 hours. The total market capitalization is $371.7 billion and the dominance at 39%. The Fear & Greed Index comes in at 20 (Extreme Fear). Talk about it in our Discord surroundings!
Bitcoin Fear and Greed Index is 20. Extreme Fear
Current price: $19,371 pic.twitter.com/H40iRjN9JR— Bitcoin Fear and Greed Index (@BitcoinFear) September 23, 2022
Does bitcoin break through resistance first or does the price fall through support first?
As analyst Decentrader points out, bitcoin is also likely to encounter resistance around $19,600, but then the price must first break the current $19,400. If bitcoin breaks through both, we will likely see a retest of the USD 20,000 soon.
However, there seems to be a lack of volume and momentum. Many analysts are also still very bearish and fear is very high. If bitcoin is rejected again, then there is support on the previous one low around $18,500 and then the annual low of $17,600. However, if bitcoin does not hold up here, the price could plunge.
$BTC rolled over with other markets on the FED yesterday. Price now at $19,260 resistance. If we can clear that the next level up is $19,560. To the downside support at $17,800 but if that is lost there is a lot of open air and liquidity below. https://t.co/5Y5X5ifChP
— Decentrader (@decentrader) September 22, 2022
Funding rates and exchange inflow create selling pressure
CryptoQuant reports that rising funding rate and a large influx to exchanges caused a lot of selling pressure last week. That also applies to ethereum (ETH), where funding reates were even at their lowest ever around the time of the merge. Whales are still sending their crypto to exchanges, CryptoQuant reports.
Weekly Bitcoin Highlights (2022.09.23)
“Inflows and Funding Rates’ Firm Selling Signals.”
Read Morehttps://t.co/yJFijVQgDN
— CryptoQuant.com (@cryptoquant_com) September 23, 2022
Strikingly, bitcoin rose yesterday while the S&P 500, with which bitcoin has been very highly correlated lately, made another plunge just before closing. However, it is still too early to speak of a decoupling.
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