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Bitcoin (BTC) Price Analysis for September 6

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Tue, 6/09/2022 - 19:44
Bitcoin (BTC) Price Analysis for September 6
Cover image via www.tradingview.com

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Bulls are trying to return the lost initiative as most of the coins are in the green zone again.

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BTC/USD

The rate of Bitcoin (BTC) is almost unchanged since yesterday with growth of 0.25%.

BTC/USD chart by TradingView

On the local chart, Bitcoin (BTC) has made a false breakout of the formed support level at $16,675. If buyers can hold that mark until the end of the day, there are chances to see further growth to the $19,900-$20,000 zone.

BTC/USD chart by TradingView

On the bigger time frame, nothing crucial is happening as Bitcoin (BTC) keeps trading in the channel, accumulating power for a further sharp move. However, if bulls can return the rate to the important $20,000 mark, a bullish trend may start.

BTC/USD chart by TradingView

Analyzing the weekly chart, Bitcoin (BTC) remains above the support at $19,526. If buyers can hold this mark until the end of the week, one can expect continued growth to the mirror level at $20,800 in the second part of September.

Bitcoin is trading at $19,822 at press time.

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