Bitcoin

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  BTC price support is yet to reappear, with Bitcoin bulls too sure of themselves, CryptoCon argues. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) needs to <a rel="noopener noreferrer nofollow" title="reclaim" href="https://thebittimes.com/tag/reclaim.html">reclaim</a> one key moving average to “regain its bullish status,” one popular analyst argues.</p> 
 <p>In <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> issued to subscribers on Aug. 22, CryptoCon warned that <a rel="noopener noreferrer nofollow" title="bulls" href="https://thebittimes.com/tag/bulls.html">bulls</a> remained too optimistic over $26,000 BTC price support holding.</p> 
 <h2 id="20-week-ema-as-btc-price-line-in-the-sand">20-week EMA as BTC price line in the sand</h2> 
 <p>Bitcoin staged a modest recovery above $26,500 around its latest daily close, data from Cointelegraph Markets Pro and TradingView&nbsp;shows —&nbsp;but a sober market synopsis says that bulls have much more work ahead of them.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/08/25/61c88acaaf67f5a7dfaea69c261fe97b.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-week chart with 20 EMA. Source: TradingView</em> 
  </figcaption> 
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 <p>For CryptoCon, the 20-week exponential moving average (EMA), now at $27,750, must be won back as support in order for the uptrend to be safe.</p> 
 <p>“I have been covering this moving average a lot recently, but I believe it is critical for Bitcoin to regain its bullish status,” he wrote.</p> 
 <p>The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> compared current BTC price action to its rebound from 2018 cycle lows. Then, it took such a <a rel="noopener noreferrer nofollow" title="reclaim" href="https://thebittimes.com/tag/reclaim.html">reclaim</a> of the 20-week EMA to launch the path to what ultimately became Bitcoin’s 2021 all-time highs of $69,000.</p> 
 <p>Prior to that, however, an unsuccessful challenge was met with a firm rejection.</p> 
 <p>“Price surfaced the moving average but couldn’t hold it,” it stated. </p> 
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   “It is very important that Bitcoin both rises above and retests the 20 Week EMA as support.” 
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 <p>An accompanying chart showed the similarities between 2019 and 2023, with the retest and subsequent successful EMA <a rel="noopener noreferrer nofollow" title="reclaim" href="https://thebittimes.com/tag/reclaim.html">reclaim</a> circled.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/08/25/75b82aedede8269681bdb312ac18389f.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart with 20-week EMA. Source: CryptoCon</em> 
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 <h2 id="all-i-see-is-weakness">"All I see is weakness"</h2> 
 <p>Elsewhere, CryptoCon questioned the validity of the current bullish argument surrounding Bitcoin’s relative strength index (RSI) readings.</p> 
 <p><strong><em>Related:&nbsp;Bitcoin halving can take BTC price to $148K by July 2025 — Pantera Capital</em></strong></p> 
 <p>As Cointelegraph reported, these are at multi-year lows on several timeframes, suggesting that Bitcoin overall is undersold at current prices.</p> 
 <p>“I would love to say that very oversold RSI is a good thing but the only thing I can see is weakness,” he admitted. </p> 
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   “This is combined with being below healthy supports, and early reversal signs in market structure. At the real bottom, I believe even the most bullish analysts will be questioning themselves. I remain optimistic to be proved wrong, but also realistic based on long term data.” 
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  <img src="https://cdn.thebittimes.com/images/2023/08/25/ff0f598a6e7c4d0b9ea587c66ab0e347.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>BTC/USD comparative chart with RSI. Source: CryptoCon</em> 
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 <p><em><strong><em>Collect this article as an NFT</em></strong><em> to preserve this moment in history and show your support for independent journalism in the crypto space.</em></em></p> 
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. </p> 
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Bitcoin 'overconfidence reigns' but bulls must reclaim $27.8K — Trader

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