The price of Bitcoin (BTC) has been facing significant downward pressure in 2022, with the flagship digital asset now struggling to hold the $19,000 level.
Amid the bear market, crypto trading expert Michaël van de Poppe stated that “Bitcoin needs to reclaim $19K in order to have any bullishness” in a tweet on September 22. The market expert observed that Bitcoin has been figuratively putting on ‘a fake-out’ the Federal open market committee session.
Elsewhere, leading crypto expert Ali Martinez also noted crucial support levels highlighting that Bitcoin must hold above $18,000 to avoid a correction to $16,500.
“The TD Sequential presents a buy signal on the daily chart, which could help BTC rebound towards $20,000.”
Bitcoin price analysis
In the last week, Bitcoin kept trying to break through the critical support level of $18.500, but bulls haven’t been able to muster the required muscle to push the price higher than $19,300, and investors have been looking for safer choices out of fear of stagflation.
If bears successfully get the price down to this level, it may close at this point. If the asset were to break through the midline support of the channel, its value may fall to $16,000, and then much lower to $14,000.
However, the upcoming FOMC meeting that is set to take place later today (September 22) might potentially boost the price towards the upside, provided that the news from the Federal Reserve is favorable.
A rise of this kind is likely to be short-lived since the DXY index is highly positive, which is a sign that the cryptocurrency market could potentially see negative growth in the near future.
Currently, Bitcoin is trading at $19,130, up 0.12% in the last 24 hours and down 5.00% in the previous week.
The maiden asset present has a total market worth of $366 billion, according to data retrieved by Finbold from CoinMarketCap.
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