Bitcoin price – Josh Rager’s Warning: Is Bitcoin’s Current Price the Bottom?
Bitcoin price – On September 17, Bitcoin (BTC) managed to hold its short-term support level as overall sentiment in the crypto market took a hit. According to data from Cointelegraph Markets Pro and TradingView, BTC’s price action saw a recovery, reclaiming the $58,000 mark during the Asian trading session.
Bitcoin’s Price Stability and Moving Averages
Following a broad sell-off at the Wall Street open the previous day, BTC/USD appeared to stabilize, with the 21-day Simple Moving Average (SMA) serving as a critical support level. Keith Alan, co-founder of trading resource Material Indicators, highlighted the importance of the 50-week SMA, noting:
“To be clear, losing the 21-Day MA is not good, but IMO, closing above the 50-Week MA is far more important.”
As of the latest update, the 21-day SMA was positioned at $57,858, while the 50-week SMA stood at $53,945. Additionally, popular trader Jelle observed that the 50-week Exponential Moving Average (EMA) continued to provide market support, aligning with trends observed over the past 20 months of Bitcoin’s bull market.
Market Patterns and Future Predictions
Jelle noted:
“Bull market summer chop has become a regular occurrence. The previous two chopfests both ended with new highs in the third week of October. We’d be about a month away from new all-time highs if this time plays out the same.”
This sentiment is echoed by crypto trader and analyst Michaël van de Poppe, who remains optimistic about a potential return to Bitcoin price discovery in the upcoming month.
Conversely, trader and analyst Josh Rager cautioned against premature optimism:
“People keep calling the ‘first higher-low’ on the $BTC chart. But people were saying the same thing in June. Then Bitcoin rejected the midline of the trend and formed a new low.”
Rager’s analysis includes a downward-sloping channel since Bitcoin’s latest all-time high in March, characterized by successive lower highs and lower lows. He concluded that while a new low may not be imminent, it is too early to declare the current price as the bottom.
Impact on Crypto Market Sentiment
The fluctuations in Bitcoin’s price have contributed to a fresh decline in the overall crypto market mood. The Crypto Fear & Greed Index recorded a value of 33/100 on September 17, representing a drop of 17 points in just two days. This decline shifted sentiment from “neutral” to “fear” following a Bitcoin price drop of slightly more than 4%.
FAQ: Bitcoin’s Recent Performance and Market Sentiment
What was the recent price action of Bitcoin (BTC) as of September 17?
On September 17, Bitcoin (BTC) managed to hold short-term support and was trading around $59,075. Despite recent market fluctuations, BTC reclaimed the $58,000 level during the Asia trading session.
What moving averages are significant for Bitcoin’s current market analysis?
The 21-day simple moving average (SMA) and the 50-week moving average (MA) are critical for Bitcoin’s market analysis. As of the latest data, the 21-day SMA stands at $57,858 and the 50-week SMA at $53,945. These moving averages are used to gauge Bitcoin’s short-term and long-term market trends.
How is Bitcoin’s performance affecting overall market sentiment?
Bitcoin’s recent price action has contributed to a drop in overall crypto market sentiment. The Crypto Fear & Greed Index fell to 33/100 on September 17, indicating a shift from “neutral” to “fear” after a drop of slightly more than 4% in Bitcoin’s price.
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