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Bitcoin Finds Support Near 25,800: A Brief Update

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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 13, 2023 | 2 min
Updated on Sep 14, 2023
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  • Bitcoin faced persistent resistance around the $26,500 level, hinting at a possible double-top pattern and the potential for revisiting the $25,000 support zone.
  • Despite briefly surpassing the $26,000 resistance, Bitcoin encountered selling pressure near the $26,500 mark and was unable to maintain its position above this critical level.
  • Bitcoin’s current trading situation indicates the formation of a double-top pattern around $26,500, with the price currently trading below the 23.6% Fibonacci retracement level of its recent upward movement from the $24,925 low to the $26,528 high.

In the ever-volatile world of cryptocurrencies, Bitcoin has once again captured the attention of traders and enthusiasts alike. Recent price movements have seen Bitcoin finding a significant level of support near the $25,800 mark, prompting a need for a swift update on its current status and potential future trajectories. In this brief update, we’ll delve into the latest developments surrounding BTC and explore what might lie ahead for the world’s most renowned digital currency.

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

Bitcoin Price Prediction: Technical Outlook

The Bitcoin price encountered persistent resistance around the $26,500 mark, forming a potential double-top pattern and signaling a potential revisit to the $25,000 support area. Despite a promising climb above the $26,000 resistance region, the bears reasserted themselves near the $26,500 resistance threshold. The BTC/USD was unable to maintain a position above this resistance level, reaching a peak at approximately $26,528 before initiating a corrective decline. The current scenario suggests the formation of a double-top pattern in the vicinity of $26,500. Presently, the price is trading below the 23.6% Fibonacci retracement level of the upward movement from the $24,925 low to the $26,528 high.

 

Nevertheless, Bitcoin is currently trading above $25,800 and the 100-hourly Simple Moving Average. Additionally, an immediate short-term contracting triangle is taking shape, featuring resistance at approximately $26,000 on the hourly chart of the BTC/USD pair.

 

Looking ahead, the initial resistance lies near the $26,000 level, followed by more significant resistance at $26,200. The primary hurdle stands at the $26,500 level, and a decisive breach above this point could trigger a substantial upswing. The subsequent noteworthy resistance level emerges around $27,200, above which bullish momentum could intensify, potentially leading to a test of the $28,000 level.

 

However, if Bitcoin fails to initiate a fresh ascent beyond the $26,000 resistance, it might sustain downward movement. Immediate support is found near the $25,800 level. The subsequent substantial support rests at approximately $25,550 or the 61.8% Fibonacci retracement level of the recent climb from the $24,925 low to the $26,528 high. A breakdown below and a conclusive close beneath the $25,550 level could usher in further declines, potentially pushing the price toward $25,000 or even as far as $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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