- September has brought negative returns to the crypto market for the last four years.
- Bitcoin price is denied re-entrance to the $20,000 price zone.
- Invalidation of the bearish thesis is a breach above $27,000.
Bitcoin price could be hinting at more decline as a last minute influx of transactions comes in near the critical $20,000 barrier.
Bitcoin price rejected from $20,000
Bitcoin price currently auctions at $19,830 as retail traders are jumping into the market to place their bets on the next directional move. Since August 1, the peer-to-peer digital currency has fallen 20%. As today's trading session is close, the technicals could hint at more decline for September.
Statistically, the cryptocurrency market has not performed well during September. The past four Septembers have brought negative returns for investors. The Volume Profile Indicator shows an uptick in transactions as the BTC price has breached and has been denied re-entrance from the $20,000 barrier. The last-minute influx could be the nail in the coffin to push the BTC price towards $18,800 in the short term.
Last week's bearish trade setup is still in motion and has not been validated. The bearish target is $18,900, and the invalidation level remains at $27,000. A breach of the $27,000 zone could kick off the next crypto bull run with midterm targets around $34,000. Such a move would result in a 60% increase from the current Bitcoin price.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team