The overall cryptocurrency market capitalization has fallen below the psychologically significant zone of $1 trillion, now standing at $0.976 trillion ($0.991 trillion a week ago). The number one cryptocurrency continues to struggle with the market’s gloomy outlook. So far, BTC volatility eventually settled near $19,500 on Saturday. After reaching a high of $20,582 at the start of the week, the pair has been fluctuating within a rather limited trading range at $20,000. While recent US job data was reviewed on Friday, Sept. 2, Bitcoin attempted to appreciate due to its safe-haven appeal. However, the pair did not breach the weekly trading range. At the time of analysis, BTC/USD was trading close to the $20,000 psychological zone. The Crypto Fear & Greed Index has dropped two points in seven days, from 27 to 25, and is now in the Extreme Fear zone. On the positive side, per on-chain data, Bitcoin open interest has been progressively increasing recently, which could contribute to further volatility in the cryptocurrency’s price. According to a CryptoQuant post, BTC’s open interest has increased by about $500 million in the last few days. The “open interest” metric measures the total number of BTC/USD positions that are currently open on all derivatives exchanges. The metric considers both short and long positions.
Key Levels
Resistance Levels: $28,000, $25,000 $22,000
Support Levels: $19,000, $17,500, $15,000
BTC/USD Daily ChartDespite losses, the BTC/USD pair appears to have been maintained in a range for the time being, with any significant move higher remaining elusive. As a result, any subsequent uptick is more likely to be met by additional supply in the $22,009-$24,000 area. As a result, additional BTC/USD gains near the $25,000 round-figure marks should be restrained for the time being.
If the previous count is true, BTC/USD may hold over $20,000 and rise past $22,000 shortly. The price will move to the $24,000-$25,000 zone if the immediate resistance level of $23,000 is breached. Remember that moving average (MA 50) breakouts are very sharp, and a $25,000 level will be quickly attained.
BTC/USD 4-Hour ChartIn the short term, the BTC/USD rallied significantly after falling below $19,513. The pair’s intraday bias has been maintained within the mid-$20,000 region, down from the $21,000 mid-level. A decisive break to the upside would indicate a bullish turnaround and would lead to extended gains toward the $22,000 resistance level, which would be tested.
The breakthrough of immediate support at $19,000, on the other hand, could be the goal of retests of the $17,567 low. The initial level of support is $19,000. The next level of support is at $18,000, followed by $17,000. The 4-hour RSI is hovering and pointing higher, indicating that the BTC/USD may rebound further.
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