After two consecutive days of selling driven by the U.S. Federal Reserve's interest rate decision, Bitcoin saw short covering. Bitcoin has been consolidating in a price range between $26,000 and $27,500 over the past few days. A significant price movement beyond this range is expected to establish a fresh market trend.
Bitcoin has resumed its descent from the $27,500 resistance, potentially leading to a revisit of the $25,400 support zone. This decline followed Bitcoin's failure to surpass the $27,500 resistance, resulting in a drop below crucial support levels at $27,000 and $26,800. Additionally, a significant bullish trend line near the $26,800 mark on the BTC/USD hourly chart was breached. The pair retraced to the $26,350 support area, forming a low around $26,378. Bitcoin is currently consolidating near the 23.6% Fibonacci retracement level, trading below both the $27,000 mark and the 100-hourly Simple Moving Average.
Bitcoin is currently in a period of heightened volatility, teetering around the critical level of $26,600. Interestingly, this level, once a resistance, has now established itself as robust support, supported by recent candlestick patterns, especially on the 4-hour chart. Bitcoin is presently trading below the 50-day exponential moving average and has departed from an ascending channel. Notably, the $27,500 mark acts as a major resistance for BTC, and a failure to break through it in the near future could potentially result in a decline towards $25,000.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $520,246,946,084. The 24-hour trading volume is approximately $13,331,565,204.
KEY LEVELS :
RESISTANCE LEVEL : $27,000-$27,500
SUPPORT LEVEL : $26,300-$26,000
Is Bitcoin in the midst of a significant decline, with the potential of dropping below the $25,000 threshold? Can we anticipate Bitcoin's resurgence to reach $30,000 in the near term? Is there an impending occurrence of a golden cross in the Bitcoin charts, suggesting a possible price surge above $30,000 by October? Feel free to share your perspectives and insights in the comment section 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.
