Bitcoin price continues to struggle around $20,000 although market sentiment is positive ahead of the Ethereum consolidation. The bulls tried to push the price up but were only able to get it up to the $20,330 level. While the bears do not appear to be strong at the moment either, the bulls may pull the price out of the bearish trap.
Until then, these lower support levels appear to be necessary and should be closely monitored.
However, the bitcoin price could remain under the bearish influence for another couple of days until a significant influx of volume is triggered regardless of the direction. However, a popular analyst It maps critical support levels to keep bitcoin’s price higher in the coming days.
According to data from Glassnode, the price of BTC since its inception has remained above that of Delta. Every time the price goes down and marks its bottoms, the lower delta price levels are respected. The last time, the price fell towards these levels during the 2019 bear market. Later during the March 2020 crash, the price fell near the equilibrium price.
Currently, BTC price has fallen near the same levels, several times, forming a double bottom pattern. Interestingly, the price remained out of reach throughout 2021 and reached below the levels achieved after the May 2022 crash. Therefore, in the coming days, Bitcoin (BTC) price may trade in the same areas until the end of the bearish September.