Analysis Bitcoin

Bitcoin Price Prediction for Today September 12: BTC Price Surges Ahead as It Targets the $24K High



Bitcoin Is in a Minor Retracement as It Targets the $24K High – September 12, 2022

Bitcoin’s (BTC) price breaks above the $22,000 resistance level as it targets the $24K high. However, the largest cryptocurrency is in minor retracement as it fluctuates above $22,000 support. The uptrend may resume if buyers defend the support at $22,000.

Bitcoin Price Statistics Data:
•Bitcoin price now – $22,212.11
•Bitcoin market cap – $425,344,734,886
•Bitcoin circulating supply – 19,149,231.00 BTC
•Bitcoin total supply – $466,454,210,751
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

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Bitcoin’s (BTC) price rebounded as it broke the resistance at $20,540 and rallied above the moving average lines. The upward moves are likely to be accelerated as price breaks above the moving average lines. Today, buyers have also breached the $22,000 resistance level. The upward move is doubtful as the market reaches the overbought region. BTC’s price is currently fluctuating above the $22,000 support. Nonetheless, Bitcoin will rise and revisit the next resistance levels at $24,000 and $25,200 if the bullish momentum is sustained above the $22,000 support. The largest cryptocurrency will resume upside momentum, once the resistances at $24,000 and $25,205 are breached. This will catapult Bitcoin to the high of $31,775 or $32,503.

Bitcoin Is a ‘Wild Card’ Ready to Outshine – Bloomberg Analyst, Mike McGlone

Mike McGlone is the Bloomberg commodity strategist who has labeled Bitcoin as a ‘wild cat’ that will rebound strongly from the bear market. According to him, the United States Federal Reserve may likely determine the direction of the stock market but Bitcoin remains a “wildcard” that could buck the trend, stating: “Bitcoin is a wild card that’s more ripe to outperform when stocks bottom, but transitioning to be more like gold and bonds.”

Bitcoin Price Prediction for Today September 12: BTC Price Surges Ahead as It Targets the $24K High
BTC/USD – Weekly Chart

Meanwhile, the BTC price has resumed its upward move as it targets the $24K high. Buyers are poised to push Bitcoin to the $24,000 overhead resistance. The crypto is at level 60 of the Relative Strength Index for period 14. It indicates that Bitcoin is in the uptrend zone and may further rise.

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