United

Bitcoin

Material

<div class="sg-post-des">
 BTC price support and resistance lines in the sand are crystallizing amid a fresh bout of low volatility for Bitcoin. 
</div>
<div class="cointelegraph">
 Bitcoin (BTC) hit intraday lows after the Sep. 26 Wall Street open as BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> behavior shunned major volatility.&nbsp;
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/26/7fd36a92be1fd87bf160c1ef70e447e3.webp">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
 </figure>
 <h2 id="binance-traders-put-up-thin-btc-price-resistance">Binance traders put up thin BTC price resistance</h2>
 Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency acting in a tight range while keeping $26,000 as support.
 Bitcoin bulls saw several retests of the $26,000 level as the week got underway, this still holding at the time of writing.
 Analyzing the composition on largest global exchange Binance, monitoring resource Material Indicators eyed potential scenarios to come.
 With $50 million in bid liquidity between $25,000 and current spot price versus just $6 million in overhead resistance, there was little “holding price down.”
 “Watching to see if it replenishes, moves or gets eaten,” part of commentary stated.
 Material Indicators reiterated that $24,750 — the sight of Bitcoin’s mid-June low — remained a “line in the sand” for <a rel="dofollow" title="bulls" href="https://thebittimes.com/tag/bulls.html">bulls</a> in line with previous weeks.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/26/623ce0c0233e3681a470f6508e704453.webp">
 <figcaption style="text-align: center;">
 BTC/USD order book data for Binance. Source: Material Indicators/X
 </figcaption>
 </figure>
 While describing the current status quo as “not all that bad,” meanwhile, popular trader and <a rel="dofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> Daan Crypto Trades highlighted two key levels, which could determine a new BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> trend.
 These came in the form of the 200-week moving average (MA) at $28,000 and a horizontal support zone around $25,000.
 “Until then we'd likely be seeing low timeframe choppy price action,” he predicted to X subscribers on the day.
 <blockquote class="twitter-tweet">
 #Bitcoin Zooming out it's not all that bad. But I doubt we'd see any meaningful trend form until either: 1. Weekly 200MA (~$28K) is broken. 2. Horizontal Support (~$25K) is broken. Until then we'd likely be seeing low timeframe choppy <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action. pic.twitter.com/eSgf2LgzKu— Daan Crypto Trades (@DaanCrypto) September 25, 2023
 </blockquote> 
 <h2 id="bitcoin-enters-positive-seasonality-phase">Bitcoin enters "positive seasonality" phase</h2>
 Zooming out, it was the turn of financial commentator Tedtalksmacro to eye the rest of 2023 with optimism when it came to Bitcoin.
 Related: Bitcoin exchange volume tracks 5-year lows as Fed inspires BTC hodling
 “Bitcoin is entering a period of positive seasonality,” he argued.
 Noting that October is traditionally a lucrative month for BTC hodlers, Tedtalksmacro noted that 2022 had marked an exception thanks to United States benchmark interest rates.
 “However, for BTC, this is an unprecedented environment,” he continued.
 <blockquote>
 “Prior to 2022, BTC had never existed in a world with rates much higher than 2%… whereas now in late-2023, the Federal Funds rate is above 5% and will likely remain there for much longer while central banks of the world try to keep the lid on inflation.”
 </blockquote>
 An accompanying chart showed October as being on average Bitcoin’s most successful month over the past three years, with data from monitoring resource CoinGlass showing likewise.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/26/396f1f44cc3be8760984b839ff3d18f9.webp">
 <figcaption style="text-align: center;">
 BTC/USD monthly returns (screenshot). Source: CoinGlass
 </figcaption>
 </figure>
 As Cointelegraph reported, Bitcoin is tipped for a comeback later in the year as its next block subsidy halving gets closer.
 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. 
 <template data-name="subscription_form" data-type="markets_outlook"></template>
</div>
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-analysts-flag-key-btc-price-points-as-bulls-cling-to-26k-tbt64081.html">https://thebittimes.com/bitcoin-analysts-flag-key-btc-price-points-as-bulls-cling-to-26k-tbt64081.html</a>

Bitcoin analysts flag key BTC price points as bulls cling to $26K

Obsah

TheBitTimes

Ďalšie články zverejnené 26. 9. 2023

LINK Price Analysis: Is LINK Ready For A Year-Long Breakout?

Here’s How Web3 Is Redefining What It Means To Create And Own A Digital Avatar

Taiwan Issues Crypto Exchange Guidelines – Restricts Offshore Compliance

How to Deposit in Pylon ecosystem?

Binance Resumes Registration for Belgian Users After 2 Months Suspension

Modular Blockchain Network Celestia Initiates Genesis Airdrop of 60M $TIA Tokens

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!