Bitcoin (BTC) Price Analysis – September 14

  • The bulls might have crossed the first hurdle at the $6,400 price level to have an open door.
  • If the bulls overcome the hurdle at the $7,400 price level, the BTC price might attain the $8,500 price level.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bullish

Resistance levels: $6,600, $6,800, $7,000

Support levels: $6,200, $6,000, $5,800

The price of Bitcoin was in a bullish trend yesterday. After being initially repelled the bulls broke the $6,400 price level and are presently approaching the $6,600 price level. At this point, we can assume that the bulls might have crossed the first hurdle at the $6,400 price level. There is one more hurdle at the $7,400 price level where we had a sudden price spike on September 5th.

If the bulls overcome the hurdle at the $7,400 price level, the BTC price will attain the $8,500 price level. Today, the price of Bitcoin is heading towards the direction of the resistance level at $7,400. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and 26-day EMA which indicates that the price was previous falling.

BTCUSD Short-term Trend:  Bullish  

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View   

On the 4-hour chart, the BTC price is in a bullish trend. The price of Bitcoin is making a series of higher highs and higher low as it targets the previous highs of $7,500 and 8,500. The BTC price is above the 12-day EMA and 26-day EMA which indicates that the price is rising. Meanwhile, the Relative Strength Index period 14 is level 65 which indicates that the price is in a bullish trend zone.

 

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Bitcoin’s Price Fails to Surpass $8,000 as Crypto Market Loses $12 Billion

The cryptocurrency space has recently lost about $12 billion in only 24 hours, at a time in which the flagship cryptocurrency bitcoin failed to remain above the $8,000 mark. The cryptocurrency has more than doubled in value so far this year, but is seemingly struggling to keep rising.

According to CryptoCompare data, one bitcoin is currently trading at $7,600 after falling 3.6% in the last 24-hour period. The cryptocurrency started seeing its price drop shortly after hitting $8,000, and has recovered from a $7,500 low in intraday trading.

Bitcoin's price performance in the last 24-hour period

The cryptocurrency’s price performance so far this year has seen interest in it grow, so much so that it hit a 14-month high in Google search interest this month.  Cameron Winklevoss, a co-founder of the popular Gemini cryptocurrency exchange, recently stated that investing in bitcoin is “not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.”

Despite the recent price drop, some analysts have revealed they’re bullish as BTC’s mining rewards halving event occurs next year. This, according to some, helps remind users of the cryptocurrency’s scarcity, as block rewards are cut in half.

The recent price drop could potentially be a delayed reaction to Tether, the company behind the popular USDT token, revealing it has invested some of its reserves in BTC and “other assets.” While some claim the firm bought extremely small amounts of crypto with its reserves, New York Supreme Court Judge Joel M. Cohen questioned the paradox, stating:

Tether sounded to me like sort of the calm in the storm of cryptocurrency trading. And so if Tether is backed by bitcoin, how is that consistent? If some of your assets are in a volatile currency that Tether is supposed to somehow modulate, that seems like it’s playing into what they are saying.

Bitcoin’s drop saw most top altcoins follow suit, with some dropping as much as 7% in the last 24-hour period. Litecoin, Bitcoin Cash and Zcash are among the least affected tokens, being down between 4% and 5.2%.

Ethereum’s ether, XRP, and XMR are all down by about 6% in said period, while other cryptocurrencies like Dash, Cardano, and QTUM dropped by as much as 10%. Bitcoin SV, which recently surged by 80% after Craig Wright filed a copyright registration for the Bitcoin whitepaper, is down by little over 1%.