Bitcoin analysts flag key BTC price points as bulls cling to $26K
Bitcoin (BTC) hit intraday lows after the Sep. 26 Wall Street open as BTC rate habits shunned major volatility. BTC/USD 1-hour chart. Source: TradingViewBinance traders put up thin BTC rate resistanceData from Cointelegraph Markets Pro and TradingView showed the biggest cryptocurrency acting in a tight range while keeping $26,000 as support.Bitcoin bulls saw a number of retests of the $26,000 level as the week got underway, this still holding at the time of writing.Analyzing the composition on biggest international exchange Binance, monitoring resource Material Indicators considered possible circumstances to come.With $50 million in quote liquidity in between $25,000 and present spot price versus simply $6 million in overhead resistance, there was little “holding price down.”” Watching to see if it renews, moves or gets consumed,” part of commentary stated.Material Indicators repeated that $24,750– the sight of Bitcoins mid-June low– remained a “line in the sand” for bulls in line with previous weeks.BTC/ USD order book data for Binance. Source: Material Indicators/XWhile describing the present status quo as “not all that bad,” on the other hand, popular trader and analyst Daan Crypto Trades highlighted two key levels, which could figure out a brand-new BTC cost trend.These came in the form of the 200-week moving average (MA) at $28,000 and a horizontal assistance zone around $25,000.” Until then we d likely be seeing low timeframe choppy rate action,” he anticipated to X subscribers on the day. #Bitcoin Zooming out its not all that bad.But I doubt we d see any significant trend kind till either:1. Weekly 200MA (~$ 28K) is broken.2. Horizontal Support (~$ 25K) is broken.Until then we d likely be seeing low timeframe choppy rate action. pic.twitter.com/eSgf2LgzKu— Daan Crypto Trades (@DaanCrypto) September 25, 2023
Source: Material Indicators/XWhile explaining the existing status quo as “not all that bad,” on the other hand, popular trader and analyst Daan Crypto Trades highlighted 2 essential levels, which could identify a new BTC rate trend.These came in the type of the 200-week moving average (MA) at $28,000 and a horizontal assistance zone around $25,000.” Until then we d likely be seeing low timeframe choppy rate action,” he predicted to X customers on the day. Horizontal Support (~$ 25K) is broken.Until then we d likely be seeing low timeframe choppy rate action.
Bitcoin gets in “positive seasonality” phaseZooming out, it was the turn of monetary commentator Tedtalksmacro to eye the rest of 2023 with optimism when it pertained to Bitcoin.Related: Bitcoin exchange volume tracks 5-year lows as Fed inspires BTC hodling”Bitcoin is going into a period of favorable seasonality,” he argued.Noting that October is traditionally a profitable month for BTC hodlers, Tedtalksmacro kept in mind that 2022 had actually marked an exception thanks to United States benchmark rates of interest.”However, for BTC, this is an unprecedented environment,” he continued.”Prior to 2022, BTC had never ever existed in a world with rates much greater than 2%… whereas now in late-2023, the Federal Funds rate is above 5% and will likely stay there for a lot longer while reserve banks of the world try to keep the lid on inflation.”An accompanying chart revealed October as being on average Bitcoins most effective month over the past 3 years, with information from keeping an eye on resource CoinGlass revealing likewise.BTC/ USD monthly returns (screenshot). Source: CoinGlassAs Cointelegraph reported, Bitcoin is tipped for a resurgence later on in the year as its next block subsidy halving gets closer.This article does not include investment guidance or recommendations. Every financial investment and trading move includes danger, and readers must conduct their own research when making a choice.