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Bitcoin Breaks $25.4K-$26.8K Range, Targets $29K

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on August 30, 2023 | 2 min
Updated on Sep 03, 2023
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  • Bitcoin’s price surged, surpassing key levels at $26,500 and $27,000, and even tested the resistance zone at $28,000 before undergoing a correction towards $27,000.
  • Within this bullish trajectory, the price effectively breached the $27,500 resistance, reaching a testing point at $28,000 and peaking around $28,150, subsequently entering a corrective phase that saw a minor dip below $27,800.
  • This correction involved a retracement below the 23.6% Fibonacci level, retracing the ascent from the swing low at $25,927 to the peak at $28,150.

In a significant development, Bitcoin has shattered the confines of its previous trading range, stretching from $25,400 to $26,800. This breach has ignited new prospects as the cryptocurrency sets its sights on the notable milestone of $29,000.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin Price Prediction: Technical Outlook

As of today, the current price of Bitcoin stands at $27,455.74, accompanied by a 24-hour trading volume reaching $31,015,440,892. Over the past 24 hours, Bitcoin has exhibited a notable increase of 5.58%. Holding the top position on CoinMarketCap, it commands a live market capitalization of $534,599,379,620 USD. The circulating supply comprises 19,471,318 BTC coins, while the maximum supply remains capped at 21,000,000 BTC coins.

 

The Bitcoin price demonstrated a rally surpassing the $26,500 and $27,000 thresholds. It ventured into testing the resistance region at $28,000 before initiating a correction towards the $27,000 level. This ascent in Bitcoin’s value was notably triggered by news of a US court’s verdict in favor of Grayscale against the SEC, potentially paving the way for an ETF.

 

During this positive trajectory, the price effectively breached the $27,500 resistance mark and even reached a test point at $28,000. The peak was reached at approximately $28,150, leading to a subsequent corrective phase. A minor downturn dipped the price below the $27,800 level.

 

This decline encompassed a move beneath the 23.6% Fibonacci retracement level, retracing the upward trajectory from the swing low at $25,927 to the peak at $28,150. However, it’s important to note that Bitcoin still maintains its position above the $26,500 level and the 100-hourly Simple Moving Average.

Should the Bitcoin price fail to surmount the resistance at $28,000, it could experience further downward movement. Immediate support on the downside resides near the $27,000 level.

 

Subsequently, the next significant support level hovers close to the $26,700 threshold or the 61.8% Fibonacci retracement level, stemming from the upward journey between the swing low at $25,927 and the peak at $28,150. Should a breach below the $26,700 level transpire, it might reintroduce a bearish trajectory. In such an event, the price could decline towards the $26,000 mark.

 

In summary, the Bitcoin price could encounter downward momentum if it fails to surpass the $28,000 resistance, with immediate support anticipated at the $27,000 level. A break below the $26,700 level could signal a bearish shift and push the price towards $26,000.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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