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Bitcoin Trades Choppy Near $26,000: Daily Outlook

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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 26, 2023 | 1 min
Updated on Sep 26, 2023
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  • Bitcoin grapples with a strong resistance at $26,500, with prevailing market conditions hinting at challenges in breaching the 50% Fibonacci retracement of its recent decline.
  • A breakthrough above $26,500 could set Bitcoin on a bullish trajectory, targeting the $27,000 and potentially the $27,500 levels.
  • A failure to surpass the $26,500 barrier might exacerbate losses, with key supports at $26,150 and $26,000; a dip below this latter threshold could push Bitcoin towards $25,400 or even the $25,000 mark.

Amidst fluctuating market sentiments, Bitcoin (BTC), the foremost cryptocurrency, navigates turbulent waters near the $26,000 mark. Despite its dominance in the global crypto landscape, it seems to grapple with a mix of optimism and skepticism from investors and traders alike. With the digital currency teetering around this price point, stakeholders eagerly await discernible trends. This daily outlook delves into the dynamics, potential triggers, and market analyses that currently influence Bitcoin’s trajectory.

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

Bitcoin Price Prediction: Technical Outlook

Bitcoin’s value remains constrained beneath the $26,500 resistance mark. A sustained drop below the $26,000 support might signal a more pronounced downturn for the premier cryptocurrency.

 

Having commenced a decline below the $26,800 threshold, Bitcoin went on to breach key support levels at $26,500 and $26,200, positioning itself in a bearish domain. The digital asset touched a low around $26,026 before witnessing a slight resurgence above $26,200. This rebound saw it overcome the 23.6% Fibonacci retracement level, considering its recent descent from a high of $26,712 to its aforementioned low.

 

Yet, a robust resistance at $26,500 continues to deter significant upward movement. Current market dynamics reflect a challenge in surpassing the 50% Fibonacci retracement of its recent plunge. As it stands, Bitcoin trades below both the $26,500 mark and the 100 hourly Simple Moving Average (SMA). A pivotal resistance exists around $26,400, accentuated by a significant bearish trend line evident in the hourly BTC/USD chart.

 

Should Bitcoin breach the $26,500 resistance, it might usher in a bullish phase, potentially aiming for the $27,000 mark. Beyond this, aspirations towards $27,500 could become tangible.

Conversely, if Bitcoin remains stifled below the $26,500 resistance, further depreciation is plausible. Immediate foundational support is around $26,150, succeeded closely by the vital $26,000 benchmark. A conclusive decline below this could see the digital asset aim for the $25,400 support. Further downward pressure might prompt a reevaluation at the $25,000 level.

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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