BITCOIN PRICE ANALYSIS-$26,430: BTC range-bound due to monthly expiry

BTC resilience, tied to S&P 500 inverse link, may avert a downturn

Bitcoin is locked in a fierce battle between bulls and bears near the $26,500 mark, close to the 50-day exponential moving average. Bears persistently sell during rallies at this level. 

On The Daily Chart:

Bitcoin initially pushed to break the $26,500 resistance but struggled to hold above $26,700, triggering a downward move. However, a recovery began from the $26,000 support, pushing BTC above key resistance levels at $26,350 and $26,500, and breaching $26,700. Yet, bears countered, resulting in rejection near $26,850. The price retraced, dipping below $26,500 and breaching $26,200 before finding support at $26,112. Currently, Bitcoin attempts to rise above $26,300 and the 50-hourly SMA.

On The 4-Hour Chart:

In the four-hour time frame, Bitcoin recently rebounded from the $26,000 support, a crucial level both psychologically and technically. BTC experienced a roller coaster ride yesterday, consolidating before finding support within a rising channel pattern. It surged past resistance at $26,500 and $26,700, rallying towards $28,000. However, bears are active around $26,850 due to upper trendline resistance, forming a potential double top pattern and acting as a strong barrier. With the monthly expiry in play, Bitcoin's price is expected to remain range-bound between $26,200 and $26,900 according to the technical chart.

According to Coingabbar Price Analysis, the market capitalization of BTC stands at $514,810,795,503. The 24-hour trading volume is approximately $13,976,515,456.

KEY LEVELS :

RESISTANCE LEVEL : $26,800-$27,300

SUPPORT LEVEL : $26,000-$25,600

Could the Fed's decisions drive Bitcoin down to $20,000? The US Dollar Index is currently at a ten-month peak; is this a sign of an impending crash for Bitcoin? Is Bitcoin's ability to maintain its position at $26,000 and the lower boundary of its upward channel in question? Might October usher in a bullish upswing for the cryptocurrency market? Please share your views 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.