Bitcoin Price Bottom Not It Yet As BTC Loses $19,000, This Expert Says

The Bitcoin terms is attempting betterment connected debased timeframes arsenic the cryptocurrency struggles to get supra $19,000 and forestall further downside. Selling unit has been relentless implicit the past 24 hours and has sunk marketplace sentiment backmost into the fearfulness territory.

Over the adjacent week, the crypto abstraction volition spell done a large milestone arsenic Ethereum completes its modulation to a Proof-of-Stake (PoS) consensus. Check retired our investigation of the imaginable interaction connected the terms of Ethereum and what to expect for the crypto market.

At the of writing, Bitcoin terms trades astatine $18,900 with a 5% nonaccomplishment successful the past time and 7 days, respectively. The remainder of the crypto marketplace preserves immoderate of its gains from the past weeks, but the bullish momentum successful Ethereum (ETH) and Cardano (ADA), mightiness beryllium fading.

BTC’s terms moving sideways connected the 4-hour chart. Source: BTCUSDT Tradingview Why The Bitcoin Price Must Reclaim These Levels

According to crypto expert Justin Bennett, Bitcoin terms was capable to clasp astir a captious enactment portion arsenic yesterday’s selling unit intensified. The cryptocurrency was moving successful a choky scope and flirting with levels northbound of $20,000, but yet bears won the circular starring to downside terms action.

As seen below, Bitcoin has been bouncing from yesterday’s debased astatine astir $18,600 since June 2022. At that clip the crypto marketplace was coming disconnected a steep diminution and was connected way for a agelong play of consolidation connected precocious timeframes.

BTC’s terms bouncing disconnected captious support. Source: Justin Bennett via Twitter

This consolidation persists arsenic bulls were capable to support Bitcoin terms existent levels, but the cryptocurrency stands astatine a captious area. Bennett said the pursuing astir the levels that the BTC terms indispensable reclaim to forestall further losses:

The #Bitcoin illustration is beauteous straightforward. The $19k portion is support. Below that connected a regular closing basis, we astir apt spot astatine slightest $17,600, if not overmuch lower. BTC bulls request to reclaim $19,700 to spot $20,500 and perchance $21,400. I inactive don’t deliberation the bottommost is in.

So acold the cryptocurrency has managed to reclaim immoderate ground, but bulls indispensable propulsion the terms to astir $19,000 connected a regular adjacent ground oregon hazard this enactment portion turning into resistance.

Inflation Might Take Another Hit Down, Will BTC Bounce?

In the adjacent fewer days, the U.S. volition merchandise its August Consumer Price Index (CPI) print, a metric utilized to measurement ostentation successful the dollar. The July CPI people hinted astatine a imaginable slowdown successful inflation, and the upcoming results could supply the Federal Reserve (Fed) with immoderate country to unbend its monetary policy.

According to Bloomberg Intelligence Mike McGlone, the diminution successful the terms of Crude Oil, an important point erstwhile measuring CPI, could pb to a Bitcoin terms rally. In the agelong run, the adept believes today’s macroeconomic outlook volition pb the satellite to “enter a deflationary recession”.

This mightiness origin large changes successful the bequest fiscal system, cementing Bitcoin’s relation arsenic 1 of the world’s astir important stores of worth on with golden and U.S. bonds. McGlone said:

This script is gaining traction astatine the commencement of September arsenic indicates by declining commodities, planetary GDP and rising expectations for interest-rate hikes.