Digital currency Analysts Report Bitcoin (BTC) Price Growing as Key Support Level is Recaptured
The price of Bitcoin (BTC) is on the rise as it recaptures the critical level of support of $26,000, according to digital currency analysts. Despite the fact that facing resistance at the recent high, the price remains over 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. Nonetheless, buyers have been unable to keep the digital currency over the $26,500 level.
If the present barrier is broken, Bitcoin (BTC) will cross the moving average lines and reach its record-breaking peak 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. Currently, BTC/USD is currently worth $26,260.
Bitcoin (BTC) Indicator Display
Regardless of the recent rise, Bitcoin (BTC) remains in a downtrend. The Relative Strength Index (RSI) for period 14 is at level 43, and the price bars are over the moving average lines, suggesting a probable uptrend resumption. Bitcoin (BTC) is as of now in an uptrend but has entered the overbought zone, as it is over the daily stochastic level of 80.
Key resistance levels for Bitcoin (BTC) are $30,000 and $35,000, while key support levels are $20,000 and $15,000.
What’s Next for BTC/USD?
Bitcoin (BTC) has regained its positive trend 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 digital currency will continue to rise. Nonetheless, on September 1, the bears broke through critical support as Bitcoin (BTC) fell to a low of $25,342. It has since been moving over the $25,000 level of support during the previous five days.
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