Cryptocurrency Analysts Report Bitcoin Price Rising as Key Support Level is Recaptured
The price of Bitcoin (BTC) is on the rise as it recaptures the critical support level of $26,000, according to cryptocurrency analysts. Although facing resistance at the recent high, the price remains above the 21-day line simple moving average (SMA) but below the 50-day line SMA. The uptrend will continue if the 21-day line SMA holds. However, buyers have been unable to keep the cryptocurrency above the $26,500 level.
If the current barrier is broken, Bitcoin will cross the moving average lines and reach its all-time high of $28,000. Conversely, if the recent resistance level isn’t broken, the price will decline and trade sideways between $26,000 and $26,500. As of now, BTC/USD is trading at $26,260.
Bitcoin Indicator Display
Despite the recent rise, Bitcoin remains in a downtrend. The Relative Strength Index (RSI) for period 14 is at level 43, and the price bars are above the moving average lines, suggesting a potential uptrend resumption. Bitcoin is currently in an uptrend but has entered the overbought zone, as it is above the daily stochastic level of 80.
Technical Indicators
Key resistance levels for Bitcoin are $30,000 and $35,000, while key support levels are $20,000 and $15,000.
What’s Next for BTC/USD?
Bitcoin has regained its bullish momentum but is still trading below the $26,500 level. The recent uptrend ended at the high of $28,142, which was rejected. If the initial resistance is broken, the cryptocurrency will continue to rise. However, on September 1, the bears broke through crucial support as Bitcoin fell to a low of $25,342. It has since been moving above the $25,000 support level for the past five days.
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