Bitcoin is encountering its loftiest challenge yet in 2023 when measured against the U.S. Dollar Index, with the BTC price displaying some uncertainty. However, there are promising signs as early morning buying at the $26,000 threshold suggests a strong commitment to defending this price point. In a noteworthy shift, Bitcoin aims to achieve its first positive monthly closure in September, marking the first time since 2016.
Bitcoin grapples with resistance near $26,500; a potential drop looms if support above $26,000 weakens. It dipped below $26,800, sliding past $26,500 and $26,200, signaling a bearish trend. Briefly touching $26,000, it's now attempting a modest recovery above $26,200. Yet, overcoming the $26,500 resistance remains challenging, with the 100-hourly Simple Moving Average still unattainable.
BTC is currently trading within a rising channel pattern on its 4-hour charts. Despite multiple attempts, Bitcoin has been unable to breach the $27,500 resistance level, leading to a significant pullback. Recently, it found support around $25,990, and at the moment, BTC appears to be consolidating its losses. It is currently hovering just above the 23.6% Fibonacci retracement level. The $26,500 level and the 100-hourly moving average are acting as resistance for BTC. A successful break above this level could potentially open the door to the $28,000 resistance zone.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $511,838,415,656. The 24-hour trading volume is approximately $3,534,097,371.
KEY LEVELS :
RESISTANCE LEVEL : $26,500-$26,900
SUPPORT LEVEL : $26,000-$25,600
Is the Dollar's Decline Beneficial or Detrimental to Bitcoin? Can Bitcoin and Ethereum Find Support in a Spot ETF Approval to Offset Their Downtrends? Will the Crypto Market Witness Expansion or Contraction as the Bitcoin Halving in 2024 Approaches? Are We Anticipating Bullish Momentum in the Crypto Market for October? 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.
