Bitcoin Price Pushes over $20k for the First Time in a Week – Will it Recover Higher?

On Sep 27, 2022

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Bitcoin is once again in the news – and this time for positive reasons. After hovering under the 19k mark for so long, the Bitcoin price has pushed above $20k. Though, this is not unexpected considering Bitcoin’s volatility over the preceding four weeks compared to its normal price fluctuations from the beginning of the year. As of last week, however, Bitcoin has been been devoid of all volatility.

Bitcoin’s Week-Long Bear Below $19k Run

Bitcoin’s dominance has decreased as investors continue to sell frantically following the most recent cryptocurrency hedge fund Three Arrows Capital (3AC) bankruptcy.

The sad collapse of the TerraUST and Luna, which reduced investor funds to nothing, was followed by the demise of 3AC as the next victim of the crypto market crisis.

Investors’ trust in the market for digital currencies has suffered as a result. The cryptocurrency market cap was trading at $859.31 billion, down 4.29% from the previous day, according to CoinMarketCap.

The dominance of Bitcoin decreased by 0.19% to 42.46% throughout the day.

But many seasoned traders have remained wary of the BTC chart and declined to leverage long positions.

They contend that it is doubtful that prices will quickly recover from the present decline.

Even though the surprise price fluctuation caused over $70 million in Bitcoin futures to be liquidated at several exchanges, some investors have yet to take action to prevent further losses.

The greatest liquidation in the previous 21 days is this one. Second, a $210 million liquidation of futures occurred on August 18 because of a $2,500 BTC loss.

Regarding the health of the market, a WazirX Trade Desk spokeswoman said, “Bitcoin briefly dipped below $20K yesterday before recovering.” Three Arrows Capital’s (3AC) recent failure had little impact on the cryptocurrency market.

The market’s outlook hasn’t changed much either; it still falls under the “extreme fear” umbrella.

On an hourly time scale, the BTC trend has developed a channel pattern and has stabilized between $20K and $22K.

The daily RSI is in the oversold region and hovering around 25. The projected cost of the subsequent crucial support is $14,000.

However, since reaching an all-time high of $68,789.63 on November 10, 2021, the price of bitcoin has fallen by more than 72%. The price of bitcoin is next predicted to reach $14,000. The situation around Bitcoin is more complicated than most people realize.

That said, now that Bitcoin is above $20k for the first time in a week. It led to the value of many other cryptos pumping at a higher level.

Bitcoin Above $20k

Many of the notions are being challenged now that Bitcoin is once again above $20k. The chart is finally painting a Green September. However, people are still wondering if this new resurgence will beat the”Septembear” Bitcoin has gone through. This sudden up-surge has led others to speculate if the green tick is the first sign of some recovery

Tamadoge to the Rescue

As a result, countless investors have rushed to Tamadoge. The official Tamadoge Twitter account has added additional followers in the past few days, exceeding the 69k mark. This crypto is just about to be listed on OKX. Crypto watchers and those who took part in the Tamadoge presale are expecting a major pump to arrive.