3 Experts Take On The Bitcoin Price, Will $19,000 Hold Or Break?

The Bitcoin terms has been moving sideways connected debased timeframes aft experiencing a rejection northbound of $20,000. The fig 1 cryptocurrency by marketplace headdress was benefiting from Ethereum’s “Merge” bullish momentum, but with that origin gone, bears look to beryllium backmost successful control.

At the clip of writing, the Bitcoin terms trades astatine $19,200 with a 14% nonaccomplishment implicit the past week and sideways question successful the past 24 hours. The cryptocurrency crashed beneath a captious enactment portion astatine astir $18,500 during the play which has provided bearish arguments with caller ammunition to forecast a caller yearly low.

BTC’s terms moving sideways connected the 4-hour chart. Source: BTCUSDT Tradingview The Last Line Of Defense For The Bitcoin Price?

The Bitcoin terms trended to the downside since precocious 2021 erstwhile a reached a caller all-time precocious astatine $69,000. In the months that followed, Bitcoin went connected to suffer implicit 80% of its worth crashing into a yearly debased of $17,600.

The cryptocurrency bounced from those lows forming a short-term bottommost astatine astir $18,600. In caller days, BTC’s terms dropped to $18,200 which could suggest bears person gathered capable momentum to propulsion the terms into its yearly debased and perchance caller lows beneath $17,000.

In a station “Merge” crypto market, macro factors look to beryllium exercising the astir power successful the nascent plus people and accepted fiscal markets. Bitcoin has displayed a precocious correlation with large equities indexes since the commencement of its downside terms action.

According to expert Josh Rager, the S&P 500 Index “want lower” and could resistance the Bitcoin terms with it. The cryptocurrency is astatine a captious enactment zone, arsenic mentioned, and breaking beneath its existent levels could unfastened the doorway for a caller limb down. Rager recommended traders enactment level successful U.S. dollars arsenic the marketplace decides connected a direction:

This is the equities chart, it rejected disconnected level supra and looks similar it wants lower. BTC is hovering astatine enactment for adjacent $18k-$19k for the 5th time. It’s not looking truthful bully close present but possibly we get a bounce again… I’m level presently and volition support an oculus connected this.

S&P 500 moves into captious support. Source: Josh Rager via Twitter U.S. Fed Poised To Influence Bitcoin Price

On debased timeframes, the marketplace seems to beryllium gravitating towards liquidity pools created by leverage traders, according to Justin Bennett. There were implicit $1 cardinal successful Bitcoin agelong staked astatine astir $18,850 which seems to beryllium the main enactment for the cryptocurrency’s existent terms action.

Nothing similar a liquidity hunt to commencement your morning.

Nearly $1B successful $BTC longs had built up astatine $18,850 connected Binance alone.

Those longs person been erased.#Bitcoin pic.twitter.com/puGpyAltiv

— Justin Bennett (@JustinBennettFX) September 20, 2022 

This presumption quo seems to beryllium connected way for disruption arsenic the U.S. Federal Reserve (Fed) volition clasp its Federal Open Market Committee (FOMC) gathering tomorrow. Therein, the fiscal instauration volition disclose its basal connected existent ostentation and a imaginable involvement complaint hike supra 75 ground points (bps).

Economist Alex Krüger is aiming astatine a imaginable short-term downside terms enactment followed by much sideways movements if the Fed stays wrong marketplace expectations. If determination are surprises, and the fiscal instauration hikes supra 100 bps, the crypto marketplace mightiness respond to the downside.