BITCOIN PRICE ANALYSIS CMP-$26,000: Is consolidation still happening?

BTC has formed a double pattern on the daily chart.

Bitcoin faced a sharp setback last week due to significant ETF developments. It's now hovering near a crucial support level, yet market signals suggest the possibility of a bullish rebound. Following a volatile period, Bitcoin seems to have stabilized around $26,000.

On The Daily Chart:

Bitcoin's price took a tumble, falling below critical moving averages 100-day and 200-day after dropping from the $28,000 mark. It found support around $25,000 and started a rebound, testing $25,350. Currently, Bitcoin is in recovery mode, aiming to surpass the $26,200 resistance for a potential uptrend. BTC remained bearish below the $27,000 resistance and dipped below $26,000, even briefly touching $25,333 before the recovery attempt. It recently made a minor move above the $25,800 resistance, marking a partial rebound from its previous drop.

On The 4-Hour Chart:

On the 4-hour chart, BTC/USD surged to $28,142 on August 29th but then dipped, hitting a low of $25,357 on September 1st. It briefly slipped below the 50-period moving average and the $26,800 support level. Interestingly, Bitcoin's declining value found support around $25,500, suggesting the possibility of a second bounce from this level within a month, potentially forming a double bottom pattern. After a significant mid-August drop, the price entered a descending channel but later rebounded from the lower channel support, maintaining an upward trajectory and approaching the channel's resistance.

According to Coingabbar Price Analysis, the market capitalization of BTC stands at $505,846,726,501. The 24-hour trading volume is approximately $6,755,476,113.

KEY LEVELS :

RESISTANCE LEVEL : $26,400-$26,800

SUPPORT LEVEL : $25,600-$25,200

Will Bitcoin experience a challenging month in September? Is BTC at risk due to the bearish trend, and what is the potential bottom for BTC's price? Could Bitcoin potentially surpass its descending consolidation, and if so, where might it reach following a breakout? 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.