Digitalย currency Analysts Report Bitcoinย (BTC) Price Growing as Key Support Level is Recaptured
The price of Bitcoinย (BTC) is on the rise as it recaptures the critical levelย ofย support of $26,000, according to digitalย currency analysts. Despiteย theย factย 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 digitalย currency over the $26,500 level.
If theย present barrier is broken, Bitcoinย (BTC) will cross the moving average lines and reach its record-breakingย peak of $28,000. Conversely, if the recent resistance level isnโt broken, the price will decline and trade sideways between $26,000 and $26,500. Currently, BTC/USD is currentlyย worth $26,260.
Bitcoinย (BTC) Indicator Display
Regardlessย of the recent rise, Bitcoinย (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. Bitcoinย (BTC) is asย ofย now in an uptrend but has entered the overbought zone, as it is over the daily stochastic level of 80.
Technical Indicators
Key resistance levels for Bitcoinย (BTC) are $30,000 and $35,000, while key support levels are $20,000 and $15,000.
Whatโs Next for BTC/USD?
Bitcoinย (BTC) has regained its positiveย 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 digitalย currency will continue to rise. Nonetheless, on September 1, the bears broke through critical support as Bitcoinย (BTC) fell to a low of $25,342. It has since been moving over the $25,000 levelย ofย support duringย theย previous five days.
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