Bitcoin Price Analysis: Is a Local Rise Expected for BTC?

Stay up-to-date with the latest Bitcoin price analysis. Discover if a local rise is expected for BTC in the coming days and the potential support and resistance levels to watch out for.

Posted 8 months ago in Bitcoin

Bitcoin price chart with trend lines and resistance levels

When it comes to the current market trend in the cryptocurrency space, there is no clear direction for Bitcoin (BTC) at the beginning of the weekend, according to CoinStats.

The price of Bitcoin has experienced a slight decline of 0.31% over the past 24 hours. On the hourly chart, BTC is approaching the local resistance level of $26,592. If the price continues to rise towards this level and the daily bar closes near it, traders may anticipate a potential surge above $26,600.

From a technical standpoint, Bitcoin remains in a consolidation phase within the narrow range of $26,400-$26,800. As both bulls and bears are currently lacking dominance, this sideways movement is likely to continue into the following week.

On the weekly time frame, Bitcoin's price has shown a false breakout of the previous candle peak. If the current candle closes significantly below this level, there is a possibility of another wave of decline, potentially leading to a drop to the $26,000 zone in the near future.

At the time of writing, Bitcoin is trading at $26,575.

Last updated 9/23/2023, 3:32:18 PM


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