The price of Bitcoin (BTC) has consistently held above the $26,000 psychological support. Bitcoin price analysis from .
Bitcoin (BTC) Price Long Term Forecast: Bearish
The price of Bitcoin briefly reached $27,000 after a rally on September 27. However, it fell back above $26,000 by the end of September 28. Although it faced challenges in the overbought area of the market, it managed to stay above the existing support level. Despite this, buyers failed to sustain the upward momentum above the 50-day line SMA.
In a strongly trending market, resistance levels are usually conquered by bulls. However, due to the overbought condition and fluctuating price between $25,000 and $27,000 since August 18, buyers have struggled to maintain upward momentum.
Technical Indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
Bitcoin (BTC) Indicator Display
After the recent rally, Bitcoin is currently trading in a bearish trend zone. The Relative Strength Index is at level 48 for the period 14. While buyers are attempting to keep the price above the 21-day line SMA, it remains just below the moving average lines. The stochastic on the daily chart is at 40, indicating the end of bullish momentum and a decline from its recent high.
What’s next for BTC/USD?
Following the rally, BTC is now trading slightly above the $27,000 support level. It is trapped between moving average lines on lower time frames and faces rejection at either the 50-day line SMA or the high at $26,600. This suggests that the BTC price may be forced to move within a limited range.
Just a week ago, it was reported that the bitcoin price returned to a downtrend after failing to maintain upward momentum above the moving average lines.
Hot Take: Bitcoin Price Holds Above $26,000 Support Level
Despite facing challenges in an overbought market and struggling to sustain upward momentum, Bitcoin has managed to hold above the $26,000 support level. The price remains trapped between moving average lines and faces rejection at key resistance levels. However, technical indicators suggest a bearish long-term forecast for BTC. It will be interesting to see how Bitcoin’s price evolves in the coming weeks and whether it can break out of its current range.
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