Bitcoin Price Analysis: Chance of Upward Movement by End of Week

Read our Bitcoin price analysis and find out if there's a chance for an upward movement by the end of the week. Stay updated with the latest cryptocurrency news.

Posted 10 months ago in Bitcoin

Image: TradingView

Bulls have once again proven to be stronger than bears, according to CoinMarketCap's ranking. The price of Bitcoin (BTC) has increased by 0.32% since yesterday, currently sitting in the middle of the channel on the local chart.

With most of the daily Average True Range (ATR) already passed, it is unlikely to see any significant price movements by the end of the day. Sideways trading in the range of $26,600-$26,700 is the more probable scenario until tomorrow.

Despite the slight rise, Bitcoin's technical position on the daily chart remains bearish. The price has not bounced back significantly from the interim zone of $26,400. If the decline continues to that level, a drop to the $26,000 range can be expected soon.

On a larger time frame, BTC has experienced a false breakout of the previous bar's peak at $26,878. However, if the current candle closes near or above that mark, buyers might take control, potentially leading to a test of the $27,000 range next week.

As of press time, Bitcoin is trading at $26,661.

Last updated 9/23/2023, 9:11:08 AM


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