The price of bitcoin tested the $25,350 region and is now bouncing back. For BTC to begin a respectable gain in the short term, it must overcome the $26,200 resistance.
#Bitcoin tested the lows of the 22nd of August for a liquidity grab and made a quick move to the upside. Pay attention to the $26.2K zone where the price can get rejected. It is the last LH from the drop, also in confluence with VAH from the old range of the previous weeks. pic.twitter.com/iaGikH5aB6
— Bitcoinsensus (@Bitcoinsensus) September 2, 2023
- From the $25,350 region, Bitcoin is attempting a comeback wave.
- The price is trading below both the 100-hour simple moving average and the $26,200 mark.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break over a significant bearish trend line with resistance close to $26,000.
- If the pair clears $26,200 and the 100-hourly SMA, it might begin a respectable climb.
Bitcoin Price Faces Hurdles
Below the $27,000 barrier zone, the price of bitcoin stayed in a bearish zone. BTC continued to fall and traded under the $26,000 mark. Additionally, the price had risen below $25,500 and touched $25,350.
— Adrian Wes (@AdrianWes2) August 29, 2018
Near $25,333, a low was created, and now the price is attempting a recovery wave. Above the $25,800 resistance, there was a modest gain. The price increased beyond the 23.6% Fibonacci retracement level of the decline from the swing high of $28,150 to the low of $25,333.
Near $27,000, the primary resistance is now developing. The price might climb toward $27,500 if there is a clear advance above the $27,000 mark. Near $28,000 is the next significant barrier; if it is broken, a decent upward movement may occur. In the hypothetical scenario, the price might test the $28,800 mark.
Another Decline In BTC?
Bitcoin may begin a new slump if it is unable to overcome the $26,200 resistance. On the downside, there is immediate support close to the $25,650 mark.
Eurozone inflation is at a decline 🟢 🇪🇺
A thread 🧵👇
– Slowdown demonstrates decline in purchasing power.
– In May, the annual #inflation dec to 6.1%
— Kapoor Kshitiz (@kshitizkapoor_) June 2, 2023
Near the $25,350 mark, there comes the next significant support. The price could drop even more if it breaks below the $25,350 barrier on the downside. According to the scenario, the cost might decrease to around $24,800.