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BITCOIN PRICE ANALYSIS CMP-$26,900: FOMC Excitement Drives BTC Rally

Key Takeaways
  • On the 4-hour chart, there is evident overlap between the 50-day and 200-day EMAs
  • Bitcoin price finds support on 4-hour chart's ascending trendline
  • A channel rejection suggests BTC price could revisit the key support at $25,000
19-Sep-2023 By: Lokesh Gupta
BITCOIN PRICE ANALYS

BTC shows bullish bias, but faces a critical $27,500 hurdle

Bitcoin has witnessed an 8% increase since the appearance of the death cross on the daily chart on September 11. Bitcoin has remained above the 21-day EMA, located around $26,150, since September 14, signaling that the bulls have turned this level into a supportive one. Buyers are actively working to reinforce their position by driving the price beyond the 50-day SMA at approximately $27,200.

On The Daily Chart:

Bitcoin experienced a boost on Monday, driven in part by growing expectations that the Federal Reserve would maintain interest rates throughout the year. It tested the $27,500 resistance level but is now in a correction phase, with potential for another upswing unless it falls below $26,500. Bitcoin has been holding above the $26,200 resistance, starting a fresh rally by surpassing $26,500. It briefly touched $27,000 before meeting resistance around $27,500 and reaching a peak of around $27,409. There was a corrective drop below $27,000, breaching the 50% Fibonacci retracement level. Currently, Bitcoin is trading above $26,700, with support from a bullish trendline forming around $26,600 on the hourly BTC/USD chart.

On The 4-Hour Chart:

Currently, Bitcoin sits at a price of $26,800. A chart reveals a recent intersection between the 50-day and 200-day EMAs. After successfully breaking through the resistance trendline, Bitcoin received backing from the ascending trendline. It even surpassed the $27,000 threshold, nearly revisiting both $27,500 and the 200-day EMA. Nevertheless, it struggled to surpass the resistance zone at $27,500, leading to a decline below the $27,000 level. The question now is whether Bitcoin will maintain support at $26,500 or not.

According to Coingabbar Price Analysis, the market capitalization of BTC stands at $524,331,330,078. The 24-hour trading volume is approximately $15,675,643,345.

KEY LEVELS :

RESISTANCE LEVEL : $27,200-$27,700

SUPPORT LEVEL : $26,400-$26,000

Did Bitcoin recently witness its first bullish cross in more than a year? What might be on the horizon following the Death Cross formation and the Federal Reserve's expected rate pause extension? Is there a potential bear trap waiting at the $26,000 level for Bitcoin? Could Bitcoin's recent surge beyond $27,000, just a week after the Death Cross, signal a rapid ascent towards $30,000? Please share your views in the comment box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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