Bitcoin’s Price Regains Crucial Support at $26,000
According to cryptocurrency analysts, Bitcoin’s price is currently in a downtrend but has managed to regain the crucial support level at $26,000.
Long-term Forecast: Bearish Outlook for Bitcoin Price
On September 1, the bears broke through the crucial support level, causing Bitcoin’s price to drop to a low of $25,342. However, in the past five days, Bitcoin has been trading above the $25,000 support level.
If the bears manage to break the $25,000 support, the market will continue to decline towards the low of $24,838. Currently, Bitcoin is trading at $25,777, and it has the potential to bounce back if it breaks the initial resistance at $26,840. This could lead to a rally in price above the moving average lines and a potential high of $28,000.
Bitcoin’s Indicator Display
Bitcoin’s Relative Strength Index (RSI) is currently at a level of 35 for the 14-day period, indicating a falling cryptocurrency value as it approaches the oversold zone. The price bars have been rejected at the moving average lines, leading to the current decline. As long as the price bars remain below the moving average lines, the rejection will continue. The bearish momentum has stalled below the stochastic level of 40 on a daily basis.
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 is currently trading below its all-time high of $26,000. If the $25,000 support level is breached, the cryptocurrency could fall to its previous low of $24,838. The price action on the 4-hour chart has been dominated by doji candlesticks, resulting in stagnant price movement.
Hot Take:
According to cryptocurrency analytics specialists, on August 29, Bitcoin’s price reached a high of $28,142 but was pushed back down. The positive momentum was halted when the cryptocurrency entered an overbought market region.
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