Bitcoin has had a fruitful week, but the price only recovered recently. On Sep. 5, Russia decided to go all in on Bitcoin by legalizing the asset for international trade. However, the price of the asset did not immediately react to this positive news – Russia is the largest nation in the world, after all.
However, Bitcoin finally managed to break out of a month-long falling wedge. Here are the details.
Previous Analysis
Last week’s analysis promised us a bullish week; however, Bitcoin did some erratic moves throughout the week. The falling wedge was almost complete, and BTC was due to make a decision.
However, the asset did not break to the upside early enough; instead, it fell sharply on two consecutive days and found support at $18707.
Finally, the break to the upside happened on September 9, 2022, pushing BTC up +10.64% from its previous low.
Bitcoin Price Next Week
BTC has seen a nice bounce over the last 48 hours. Previously we had a bounce at the $19,670 level. However, the market lost this level, and now the bulls have to regain it if they want to reverse the trend.
If this happens, the current bitcoin price action will post a giant bear trap with a significant upside. However, if we get a bearish retest of around $19,670, the market should continue to support around $17,946 – $17,633.
Bitcoin is now looking to test $21,594. Above this target, Bitcoin can hit $23,444, $24,490, $28,672, and finally $31,332.
Verdict Next Week: Bullish
Verdict September: Bearish
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.
