BITCOIN PRICE ANALYSIS CMP-$26,700: Is it a Bear Trap in the Making?

Bitcoin:Firm at 100 SMA, Bullish Trend Intact

Bitcoin technical analysis suggests a subtle bearish inclination. Presently, Bitcoin maintains stability in proximity to the $26,800 resistance level, hovering slightly above the $26,500 support level, hinting at the possibility of a double-top pattern emerging.

On The Daily Chart:

Bitcoin is holding steady around the $26,400 support level and could turn bullish if it closes above $27,000. It recently rose above $26,200 but couldn't sustain gains past $26,800, leading to a minor correction below $26,550. The price touched a low of $26,377 before attempting another upswing. Currently, Bitcoin is trading above $26,500, supported by the 100-hourly Simple Moving Average, with a bullish trend line forming near $26,500 on the hourly BTC/USD chart.

On The 4-Hour Chart:

Bitcoin is currently trading at $26,700, showing resilience with an optimistic bullish trend after a minor weekend pullback. The 50 and 200-day EMAs are on the verge of convergence, suggesting a potential "death cross" scenario. Meanwhile, a looming resistance trendline above the EMAs presents a significant bearish challenge.

On the 4-hour chart, there's a high likelihood of a "golden crossover" as Bitcoin recovers. It's consolidating between $26,250 and $26,800, and a breakout in either direction will determine the next big move. However, an upward breakout will face resistance from the trendline and EMAs.

According to Coingabbar Price Analysis, the market capitalization of BTC stands at $520,092,302,822. The 24-hour trading volume is approximately $6,745,609,144.

KEY LEVELS :

RESISTANCE LEVEL : $27,000-$27,500

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

Will Bitcoin maintain the $25,000 level? Could the confirmed bullish divergence in Bitcoin offset a potentially bearish September and pave the way for a positive October? Is Bitcoin presently encountering a discount or disaster scenario? Is the current situation leaning more towards a dead cat bounce, or could it potentially be a bull trap? Is there a bear trap awaiting Bitcoin's price at $26,000? Please share your views in the 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.