BITCOIN PRICE ANALYSIS-$25,700: Is the Market Nearing a Steep Decline?
- After a substantial decline in mid-August, the price initiated trading within a descending channel
- On the 4-hour charts, it appears that BTC is in the process of forming a Head and Shoulders pattern
- BTC price is currently trading beneath the 20-day, 50-day, 100-day, and 200-day exponential moving averages
BTC is encountering difficulty in surpassing the $26,200.
Bitcoin is presently exhibiting a price of $25,800, characterized by a consolidation phase confined within a tight range spanning from $25,700 to $26,200. The cryptocurrency's recent endeavor to establish a foothold above $27,000 and breach the formidable resistance at $28,000 yielded unsuccessful results.
On The Daily Chart:
Bitcoin price is struggling to breach $26,200 and is heading lower, potentially dropping below $25,500. Despite an attempt to recover from the $25,350 zone, BTC couldn't surpass the $26,200 pivot level, maintaining a bearish stance. It's currently trading below $26,000, showing bearish signs under $25,900 and the 50-hourly Simple Moving Average. Additionally, a significant bearish trend line is forming around $25,700 on the BTC/USD hourly chart.
On The 4-Hour Chart:
Bitcoin price retraces to $25,000 support after testing the 200-EMA on the 4-hour chart. This drop returns it to pre-Bitcoin ETF anticipation levels, leading to a sideways trend. Buyers defend the $25,000 level, but declining EMAs hint at a possible continued downtrend. Technical indicators show the MACD and RSI in a sideways pattern, with the MACD histograms showing bullish signs and the RSI struggling to cross the halfway point.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $500,940,628,199. The 24-hour trading volume is approximately $10,391,987,931.
KEY LEVELS :
RESISTANCE LEVEL : $26,000-$26,400
SUPPORT LEVEL : $25,300-$25,000
Is BTC price poised for additional declines, and which side will emerge victorious in the struggle between the bearish trend and bullish divergence? With Bitcoin currently at $26,000, is it settling into a period of low volatility within its range? Could we anticipate a Bitcoin breakout from its descending consolidation, and what potential price targets could it reach post-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.
