BITCOIN PRICE ANALYSIS CMP-$26,550: Is the Dead Cat bounce?
Bitcoin holds above $26,500 post-FTX news.
Over the past day, Bitcoin (BTC) has risen by 1.1%, reaching approximately $26,500 in the early Asian market on Friday. The Bitcoin market has been notably volatile recently due to significant news events, including the release of US CPI and PPI data, as well as FTX's liquidation plan.On The Daily Chart:
Bitcoin is maintaining its position above $26,200 and appears to be establishing a base for a potential rise beyond $26,850 in the near future. It recently broke the $26,000 resistance level and held firmly above it, closing above the $26,500 resistance. However, the $26,850 resistance is proving to be a challenge for bulls. The latest peak reached around $26,860 before a minor downward correction occurred. Bitcoin is currently trading above $26,400, supported by the 50-hourly Simple Moving Average and a bullish trend line forming near $26,400 on the hourly BTC/USD chart.
On The 4-Hour Chart:
In the 4-hour chart, Bitcoin's price remains above the descending wedge pattern and is retesting the channel. The previously resistant level at $26,500 is now providing support. Furthermore, the recent move above the channel range suggests a strengthening bullish trend and raises the likelihood of a breakout targeting prices above $28,000. It's worth noting that Bitcoin is currently holding above the 200 EMA (4-hours), which is seen as a positive indicator.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $518,092,198,378. The 24-hour trading volume is approximately $2,644,993,916.
KEY LEVELS :
RESISTANCE LEVEL : $26,900-$27,300
SUPPORT LEVEL : $26,200-$25,800
Will Bitcoin hold the $25,000 level? Can the confirmed bullish divergence in Bitcoin counteract a potentially bearish September and set the stage for a positive October? Is Bitcoin currently facing a discount or disaster scenario? Is the present situation more likely to be a dead cat bounce, or is it possibly a bull trap? 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.
