{"id":9579,"date":"2022-09-28T07:00:53","date_gmt":"2022-09-28T07:00:53","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2022\/09\/28\/bitcoin-is-trading-below-19k-again-and-could-dip-further\/"},"modified":"2022-09-28T07:00:53","modified_gmt":"2022-09-28T07:00:53","slug":"bitcoin-is-trading-below-19k-again-and-could-dip-further","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2022\/09\/28\/bitcoin-is-trading-below-19k-again-and-could-dip-further\/","title":{"rendered":"Bitcoin is trading below $19k again and could dip further"},"content":{"rendered":"

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Bitcoin recovered its $20k resistance stage yesterday however couldn\u2019t keep it because the broader market launched into a bearish run.<\/strong><\/p>\n

Bitcoin, the world\u2019s main cryptocurrency, has been underperforming over the previous few hours. It has misplaced greater than 7% of its worth within the final 24 hours regardless of beginning the week positively.<\/p>\n

The poor efficiency coincides with that of the broader cryptocurrency market. The whole crypto promote it at present stands below $920 billion, down by greater than 5% within the final 24 hours.<\/p>\n

Bitcoin reached the $20k mark earlier this week after performing nicely. However, the bears regained management of the market, and BTC is now trading at round $18,700 per coin.\u00a0<\/p>\n

Ether, the second-largest cryptocurrency by market cap, briefly surged previous the $1,300 resistance mark earlier this week. However, it is now down by greater than 7% within the final 24 hours and is trading round $1,280 per coin.<\/p>\n

Key ranges to observe<\/h2>\n

The BTC\/USD 4-hour chart is turning bearish as Bitcoin is relinquishing a few of the positive aspects it gathered earlier this yr. The technical indicators present that Bitcoin is at present underperforming in opposition to the broader market.<\/p>\n

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BTC\/USD Chart By TradingView<\/strong><\/a><\/p>\n

The MACD line stays above the impartial zone however could quickly fall into the damaging area if the bearish pattern continues.<\/p>\n

Furthermore, the 14-day relative energy index of 41 exhibits that Bitcoin could enter the oversold area if the bears stay in cost.<\/p>\n

At press time, BTC is trading at $18,717 per coin. If the bearish pattern continues, Bitcoin could dip below the primary main help stage at $18,298 over the following few hours.<\/p>\n

Bitcoin has managed to remain above $18k in latest weeks, and the bulls could defend their place above that worth within the close to time period.<\/p>\n

The bulls could additionally regain management of the market earlier than the top of the week and push Bitcoin in the direction of the $20k psychological stage as soon as again.\u00a0<\/p>\n

However, except there is an prolonged bullish run, Bitcoin ought to avoid the $20,819 resistance stage over the following few days.\u00a0<\/p>\n

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