Bitcoin Recovers But Comes To A Halt Near $26,500

Sep 09, 2023 at 08:06 // Price
Coin Idol
The bullish momentum is fleeting

Cryptocurrency analysts of report, Bitcoin (BTC) price is rising as it recaptures the critical support level of $26,000.

Bitcoin price long-term forecast: bearish

The bullish momentum is fleeting as it faces resistance at the recent high. Nevertheless, the cryptocurrency price is above the 21-day line SMA, but below the 50-day line SMA. If the 21-day line SMA holds, the uptrend will continue. Meanwhile, buyers were unable to keep the cryptocurrency above the $26,500 level.

Bitcoin will cross the moving average lines and reach its all-time high of $28,000 if the current barrier is broken. BTC price, on the other hand, will decline and be forced to trade sideways between $26,000 and $26,500 if it fails to break the recent resistance level. At the time of writing, BTC/USD is trading at $26,260.

Bitcoin indicator display

Bitcoin remains in a downtrend despite the recent rise. The Relative Strength Index for period 14 is at level 43, and the price bars are currently above the moving average lines, suggesting that the uptrend may resume. Bitcoin is in an uptrend, but has entered the overbought zone of the market. It is above the daily stochastic level of 80.

BTCUSD_(Daily Chart) – Sept. 8.23.jpg

Technical Indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin has regained its bullish momentum but is still trading below the $26,500 level. The uptrend ended at the recent high. Meanwhile, Bitcoin rose to a high of $28,142 on August 29 but was rejected. If the initial resistance is broken, the crypto will rise.

BTCUSD_ (4 Hour Chart) – Sept.8.23.jpg

As we reported on September 06, on September 1, the bears broke through the crucial support as the largest cryptocurrency fell to a low of $25,342. In the last five days, Bitcoin has been moving above the $25,000 support. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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