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- Historical data, especially from previous halving years, suggests that September has been a bearish month for Bitcoin
and the overall crypto market.
- According to analysts, Bitcoin is firmly holding onto a critical weekly support level of around $25.6k, which conveniently aligns with the 200 Exponential Moving Average (EMA).
- Traders and investors should stay alert as the market direction in the coming weeks could have profound implications for the overall cryptocurrency landscape.
Bitcoin price continues its sideways price movements: Bitcoin needs a weekly close above this level for it to rise!
Bitcoin Continues Its Bearish Trend
Bitcoin (BTC) is tightly holding onto a critical support level of approximately $25.6k and is facing a looming daily death cross threat between the 50 and 200 Moving Averages (MA).
The cryptocurrency closed the previous week with an uncertain Doji candlestick, leaving traders and investors on edge. The impending death cross is likely to remind participants across the crypto space of the bearish trend, causing concern among market players.
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Over the past four weeks, Bitcoin has consolidated within the range of $25.3k to $28k. This period of relative stability has left market observers in a calm atmosphere, preparing for increased volatility.
Historical data, especially from previous halving years, suggests that September has been a bearish month for Bitcoin and the overall crypto market. This historical precedent adds to the apprehension surrounding Bitcoin’s current price movement.
What’s the Next Move for BTC Price?
Prominent crypto analyst Captain Faibik drew attention to Bitcoin’s situation. According to analysts, Bitcoin is defending a critical weekly support level of around $25.6k, which conveniently aligns with the 200 Exponential Moving Average (EMA).
To sustain the bullish momentum, bulls need to solidify this support level and manage to close the weekly candle above $28k. This achievement could potentially pave the way for a move towards $32k.
Notably, Bitcoin faced a significant rejection in the price range of $31k to $32k back in July, creating what technical analysts often refer to as a double top formation. This pattern signals a potential trend reversal, adding another layer to Bitcoin’s price outlook.
Captain Faibik also highlights that Bitcoin has been stuck in a long-term bearish trend after reaching its all-time high of approximately $69k. This long-term bearish trend has been a source of disappointment for long-term Bitcoin enthusiasts and investors.
As Bitcoin navigates these critical price levels and faces a looming death cross threat, the crypto market eagerly awaits the outcome of this high-stakes battle between bulls and bears. Traders and investors should stay vigilant as the market direction in the coming weeks could have profound implications for the overall cryptocurrency landscape.