Bitcoin chart highlights $24.7K as analyst says ‘nothing has changed’

Bitcoin (BTC) remained below $26,000 into the Sep. 3 weekly close as analysis rejected extremely bearish trader sentiment.BTC/ USD 1-day chart. Source: TradingViewBTC rate weekly close puts $25,900 in focusData from Cointelegraph Markets Pro and TradingView revealed BTC price avoiding volatility over the weekend, running in a tight $200 range.An absence of instructions offered a strong sense of deja vu for market individuals, with similar behavior seen toward the August monthly close.With all trace of last weeks 2 volatility events– involving crypto possession supervisor Grayscale and United States regulators– eliminated from the charts, traders weighed the effect of various possible weekly close levels.”In terms of market structure, yet to see a candle light body close listed below June HL or $25.9 K,” popular trader Skew wrote in part of an X thread.Skew referenced a greater low (HL) below $25,000, with $25,900 as the crucial line in the sand to recover this week.”This is essential because if 1W close is listed below and rate trades this area as resistance early into next week, That would imply a move lower towards previous 1W resistance ~ $24.3 K,” he added.BTC/ USD annotated chart. Source: Skew/XLooking even more ahead, a “bearish situation” could put sub-$20,000 levels back in play. A bullish revival, involving a recover of $26,000 and extension for a Q4 higher low, was “less most likely,” Skew predicted.Bitcoin “bearadise” hazard remainsSummarizing recentlys events, meanwhile, Keith Alan, co-founder of keeping an eye on resource Material Indicators, cautioned over categorical pronouncements on how bullish or bearish Bitcoin truly is.Related: Bitcoin lines up RSI showdown as BTC cost slips towards brand-new 2-week lowVolatility up and down, respectively, had originated from Grayscales legal success over the Securities and Exchange Commission (SEC), followed by the latters postponing a decision on the very first U.S. Bitcoin spot price exchange-traded funds (ETFs). Under the hood, nevertheless, Bitcoin market structure has not gone through any essential overhaul, Alan argued.”On the first day of the September Monthly candle volatility continues as traders who appear to have actually forgotten the pattern is your friend are sticking on to hopium and contesting BS stories that fit their bias,” he wrote in part of an X post on Sep. 2. “The truth is NOTHING HAS CHANGED, because neither a breakdown nor a breakout has been technically confirmed or invalidated.”Repeating an existing theory, Alan continued that $24,750 was the assistance zone to enjoy, with Bitcoin “bearadise” at risk of getting in should it fail.An accompanying chart revealed the BTC/USD order book on Binance, with buy liquidity increasing instantly below area cost at the $24,750 zone of interest.BTC/ USD order book data for Binance. Source: Keith Alan/XThis short article does not include investment advice or suggestions. Every financial investment and trading move involves danger, and readers need to conduct their own research study when deciding.

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