Bitcoin September 19: Starting the new week in the red when it dumped deep below the threshold of $ 19,000

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2022-09-21 20:28:42

Bitcoin continues to have a strong downward momentum but unlike the similar picture that took place in late August, this scenario is being predicted to be worse.

After briefly anchoring at the threshold around $ 19,800 – $ 20,200, today (September 19) Bitcoin has a deep downward momentum, breaking through the 19,000 mark. Currently, BTC price is at $18,800, down 6% from yesterday. The selling pressure in the market was so great that the 24-hour trading volume reached 33 billion USD, a sharp increase of 39%

Bitcoin price movement on September 19, 2022 on Binance exchange


In the past 24 hours, there have been $ 265.95 million worth of futures contracts liquidated, of which nearly 90% are long orders with ETH accounting for the highest proportion, up to $ 120.38 million. Bitcoin is in second place with just $33.07 million.

Total value of cryptocurrencies liquidated in the last 24 hours September 19, 2022

The reason to explain the latest collapse of BTC is said to be largely due to the macro factor that the Fed has created in the past time. This week, the US Federal Reserve will have an important meeting and announce a new interest rate. Many predict that this new level will continue to increase by 0.75 points.

Prior to that, pressure has continued to persist since Fed Chairman Jerome Powell’s speech at the Jackson Hole Conference on August 26, which emphasized that the Fed will continue to raise interest rates even though the action will cause some A certain “pain” for the US economy, until the CPI in August 2022 was not very positive, making the investor community scared.

See also: Fed Chairman announces interest rate hike in Jackson Hole conference

Data from blockchain analytics firm Glassnode on September 16 shows that up to 213,000 BTC, or more than $4.3 billion, have been transferred to exchanges. This is the highest number of BTC listed on the exchange in the past year, inadvertently creating more anxiety for investors about possible discharge pressure.

In addition, in the last week there was a surge in the volume of miners transferring BTC to the exchange. This signal gradually became clearer after a series of “big guys” in the Bitcoin mining industry publicly released BTC in early September 2022.

At the time of CPI last week, BTC also lost the $20,000 threshold and tested the $19,500 support area three times. Unlike the previous time, which only “threatened” to raise interest rates indirectly, now the Fed will act directly, with a high probability of a 0.75% increase. Therefore, many experts believe that BTC will have a new bottom in September 2022.

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