Bitcoin price continues to struggle at around $20,000 despite the market sentiments being positive ahead of the Ethereum Merger. The bulls attempted to uplift the price but could raise it only until the $20,330 mark. While the bears do not appear to be strong at the moment either, bulls may drag the price out of the bearish trap.
Until then, these lower support levels appear to be crucial and required to be closely monitored.
The price of Bitcoin, however, could remain under the bearish influence for another couple of days until a major influx of volume is induced regardless of the direction. However, a popular analyst maps the crucial support levels to sustain the BTC price rally in the coming days.
According to the data from Glassnode, the BTC price ever since its inception has sustained above the delta price. Each time the price drops and marks its bottoms, the lower delta price levels are respected. The last time, the price dropped toward these levels was during the 2019 bear market. Later during the March 2020 crash, the price dropped close to the Balanced price.
The BTC price at the moment has dropped close to the same levels, a couple of times, forming a double bottom pattern. Interestingly, the price remained out of the reach throughout 2021 and reached below the realized levels after the May 2022 crash. Therefore, in the upcoming days, the Bitcoin(BTC) price could trade within the same regions until the end of bearish September.
