Bitcoin Struggles at $26,000 Amidst Fear of Death Cross: Will BTC Price Rebound?
Discover the latest updates on Bitcoin's struggle to surpass the $26,000 resistance level and the potential impact of a 'death cross' on BTC price. Gain insights into the market sentiment as traders eagerly await crucial macroeconomic events.
Posted 2 months ago in Bitcoin
Bitcoin (BTC) opens the final week of September with a retest of $26,000, facing resistance from sellers and the looming threat of a 'death cross.' The past week's lackluster performance indicates a persistently stagnant market, with no clear upward or downward trend emerging. Despite macroeconomic events and debates on inflation, BTC price remains uncertain.
The critical moment for Bitcoin comes as the month approaches its end. Traders and analysts eagerly await the monthly close to determine the overall market sentiment. BTC/USD experienced a decline after the weekly close on September 24, reaching $26,000.
Both long and short BTC positions faced liquidations, causing a squeeze in the market. Analysts like Rekt Capital warn of a bearish fractal, suggesting a potential drop to near $20,000, while Keith Alan detects a 'death cross' on weekly timeframes, indicating the weakness of recent price action.
In contrast, Credible Crypto predicts a rebalancing of the market composition and expects BTC price to return to $27,000 based on visible accumulation patterns.
Despite the recent setback, Bitcoin remains positive for the month of September, recording a 0.8% gain month-to-date. Historically, September sets the stage for an upward trend in October, known as 'Uptober' in the crypto community. Analyst Michaël van de Poppe believes next month could push the total crypto market capitalization above the 200-week exponential moving average (EMA).
As Bitcoin faces uncertain times, market participants eagerly anticipate the upcoming macroeconomic events such as the release of United States GDP figures for Q2 and a speech by Jerome Powell, the chair of the Federal Reserve. These events, as well as PCE data, will likely impact Bitcoin's trajectory.
With increasing volatility in the market, traders have another opportunity to capitalize on market movements. However, it is essential to conduct thorough research and analysis before making any investment decisions.
Last updated 9/25/2023, 3:12:39 AM
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