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Bitcoin Consolidates Above 25,500; What’s Next?

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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 September 04, 2023 | 1 min
Updated on Sep 05, 2023
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  • After a dip to roughly $25,333, BTC showed resilience, climbing past the $25,800 resistance and surpassing the 23.6% Fibonacci retracement from its $28,150 high.
  • Bitcoin faces immediate resistance at $26,200 and the 100 hourly SMA. Key levels to watch include $26,750 and the pivotal $27,000 resistance.
  • If BTC struggles to break the $26,200 resistance, it might retrace. Critical supports stand at $25,650 and $25,350, with a drop below possibly seeing values near $24,800.

Bitcoin, the renowned digital currency, has recently found some stability, consolidating its position above the $25,500 mark. After a whirlwind of price swings and unprecedented volatility, this phase of consolidation has left many investors and traders pondering: What’s next for the cryptocurrency? As market watchers keep a close eye on the charts and indicators, we delve into potential scenarios that might unfold in the coming weeks for Bitcoin.

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btc above 25000
BTC/USD Price Chart – Source: Tradingview

Bitcoin Price Prediction: Technical Outlook

Bitcoin recently dipped to around the $25,350 mark and has since started its upward movement. For a substantial near-term upswing, BTC needs to surpass the $26,200 barrier. Its value struggled under the $27,000 resistance, leading it to slide under $26,000. It even momentarily dropped below $25,500, touching the $25,350 mark.

The lowest point reached was approximately $25,333, after which Bitcoin began showing signs of rebounding. It managed to exceed the $25,800 resistance. Moreover, it went beyond the 23.6% Fibonacci retracement level, considering the descent from the peak of $28,150 to the trough of $25,333.

Additionally, it successfully breached a significant bearish trend line located near $26,000 when looking at the hourly BTC/USD pair chart. Nevertheless, it remains below the $26,200 mark and the 100-hourly Simple Moving Average (SMA).

The immediate hurdle to overcome is the $26,200 level, closely followed by the 100 hourly SMA. The subsequent significant resistance sits around $26,750, which aligns with the 50% Fibonacci retracement level, given the drop from $28,150 to $25,333.

Currently, the pivotal resistance hovers around $27,000. Surpassing this could propel BTC to approximately $27,500. Beyond this, the next major barrier is at $28,000; exceeding which might indicate a significant bullish phase, possibly even reaching $28,800. However, if BTC falters at the $26,200 mark, it might trend downwards again. The immediate support is at around $25,650.

Following this, the next solid support is at the $25,350 level. Plunging below this might trigger a more pronounced fall, potentially bringing Bitcoin down to about $24,800.

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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