Bitcoin on September 7 – Where will the comeback take us?

reconquest – The price of Bitcoin (BTC) is currently escaping a fall towards $16,000. The cryptocurrency needs to get back above critical support, to avoid another hemorrhage in the markets.

This Bitcoin price analysis is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

Bitcoin price at $19,000, after record close in the red

Bitcoin price drops as low as $18,561 on Bitfinex today, September 7, 2022. Nevertheless, the cryptocurrency rebounds to $19,000, and is trading at $19,218 at the time of writing this article. Its price is currently registering a daily gain of 1.33%.

Bitcoin is thus regaining color, after losing essential major supports yesterday. Investor Lark Davis shared a chart, to show his price closed at a local low of $18,785 which is “ lowest daily closing candle for bitcoin in 2022… so far… “.

Posted by Lark Davis – Source: Twitter

The freshly lost $19,500, a new target for the bulls in the short term

In the short term, the price of Bitcoin could try to regain the essential supports it has just lost. The trader Michaël van de Poppe thus underlined the importance of “break again” the $19,400to be able to reconsider a bullish scenario with a reconquest of $20,000 and above.

Publication by Michaël van de Poppe – Source: Twitter

Levels around $19,500 were major support for the cryptocurrency, before it plummeted below $19,000. The concentration of whales is currently forming a support zone at $18,900-$19,100, the main line of defense to avoid a drop towards $16,500.

In this pattern of Bitcoin price attempting to recover from former support around $19,500, analyst Matthew Hyland shared a chart, to illustrate his predictions of a retest of this support, which matches to the lower side of a descending trianglein which the cryptocurrency had been trading for a few days, before a bearish breakout.

Posted by Matthew Hyland – Source: Twitter

The diagram shared by Matthew Hyland, however, shows the risk of rejection during this attempt by the bulls, to win back the $19,500. Will this rejection then sound a descent towards this eventual long-awaited or dreaded bottom at $16,000?

The major break of the important supports the day before, therefore gives way to bullish rebound scenarios with the key levels to be recrossed, to avoid further extensions of this recent decline below $19,000.

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