The price of BTC exhibits strength but has been unable to surpass $19,500 as it continues to travel in circles.
Recent Bitcoin (BTC) price activity has been impressive, with the price gaining momentum to rise from a low of $18,200 to $19,800 versus tether (USDT). Despite Bitcoin’s (BTC) price’s resilience, it has failed to recapture $19,500, a critical level for a rise to the neighbourhood of $20,000 Prior to the end of the week, it is uncertain if the price of BTC will rise or fall, leaving many traders in a quandary.
After the announcement of the CPI report, the crypto market dropped sharply; the market looked to be manipulated, with Bitcoin (BTC) falling from $19,200 to $18,200 in hours and then rising to a range high of $19,800 before being rejected down to $19,200. So much price fluctuation in such a short period of time suggests manipulation. With the potential for Bitcoin Dominance (BTC.D) to reach a high of 45%, altcoins may suffer more if BTC retraces.
In recent days, the BTC price has fought to regain its previous strength, rising from $18,700 to $25,000. The price of Bitcoin dropped from $25,000 to a weekly low between $18,800 to $19,300. Since then, it has struggled to break out of this range.
BTC’s price must recapture $19,500 with sufficient volume for the price to provide some respite to BTC and altcoins. If Bitcoin fails to close above $19,500, the price might retest the low of $18,800 to $18,200.
Strong purchase volume may accompany a breakthrough from its descending triangle if it causes a relief rally to the high of $20,500 and beyond.
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