Bitcoin

Rekt

Gains

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 <h2 id="will-btc-price-uphold-gains-to-28k">Will BTC Price Uphold Gains To $28k?</h2> 
 <p><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>’s price&nbsp;sharp bounce from weekly lows around $25,000 not only gained ground above $26,000 but tested the short-term resistance at $26,400 for the second time in September.</p>  
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 <p>The uptrend would have continued uninterrupted if it were not for the short-term overbought conditions and resistance posed by the descending trendline. The Stochastic oscillator reveals that <a rel="noopener noreferrer nofollow" title="BTC price" href="https://thebittimes.com/tag/btc-price.html">BTC price</a> had to retreat to collect momentum while allowing relatively sidelined investors to buy.</p> 
 <p>Up a mere 0.2% to&nbsp;$25,871, <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> is seeking support&nbsp;provided by the 50-day Exponential Moving Average (EMA) (red) at $25,844. Keeping this support intact would play a huge role when bulls are mulling the resumption of the uptrend.</p> 
 <figure id="attachment_159078" aria-describedby="caption-attachment-159078" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-159078" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201233%20554'%3E%3C/svg%3E" alt="BTC price chart" width="1233" height="554" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 1233w, https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 300w, https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 1224w, https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 768w, https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 150w" data-lazy-sizes="(max-width: 1233px) 100vw, 1233px" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp"> 
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   <img decoding="async" class="size-full wp-image-159078" src="https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp" alt="BTC price chart" width="1233" height="554" srcset="https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 1233w, https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 300w, https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 1224w, https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 768w, https://cdn.thebittimes.com/images/2023/09/13/98a26f06c857cc6b01f8b0dc586aac7e.webp 150w" sizes="(max-width: 1233px) 100vw, 1233px"> 
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  <figcaption id="caption-attachment-159078" class="wp-caption-text">
    BTC/USD four-hour chart | Tradingview 
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 <p>There’s a higher probability that the expected gains to $28,000 will be sustained this time, especially with a buy signal coming from the Moving Average Convergence Divergence (MACD) indicator.</p>  
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 <p>Traders can consider holding onto their long positions as long as the blue MACD line is sitting above the red signal line. This signifies a strong momentum propping <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> for more gains.</p> 
 <p>A successful break and hold above the descending is another milestone to look forward to, indicating that the downtrend is over and BTC is easing into a stronger uptrend.</p> 
 <p>Meanwhile, not all analysts are convinced that the downtrend in BTC price is over. Rekt Capital believes Bitcoin completed a double-top pattern earlier this week with the drop to $25,000. This also implies that there is room for another sweep at lower levels, plausibly at $22,000 ahead of the bull market.</p> 
 <p>However, the analyst and trader cautions that it is “Worth noting but still very early stages &amp; lots can still change in the meantime.”</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">If #BTC drops to ~$26000 by mid-September then a Double Top may be forming</p> 
  <p>A breakdown from ~$26000 would validate the DT</p> 
  <p>And a Measured Move for the DT would be ~$22000</p> 
  <p>Worth noting but still very early stages &amp; lots can still change in the meantime$BTC #Crypto #<a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> pic.twitter.com/I4npIDq44f</p> 
  <p>— Rekt Capital (@rektcapital) August 7, 2023</p> 
 </blockquote> 
 <p></p> 
 <h2 id="shrinking-liquidity-still-a-challenge">Shrinking Liquidity Still A Challenge</h2>  
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 <p>Liquidity in the crypto market has been a major problem since the implosion of FTX and continues to dry up across the board. According to on-chain analytics platform Glassnode, volumes have thinned to historical lows both on-chain and off-chain.</p> 
 <p>“Whilst HODLing remains the market preference, a significant proportion of the supply is teetering on the edge of falling into a significant unrealized loss.”</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Liquidity across the digital asset market continues to dry up, with both on-chain and off-chain volumes reaching historical lows. </p> 
  <p>Whilst HODLing remains the market preference, a significant proportion of the supply is teetering on the edge of falling into a significant… pic.twitter.com/twInh0OqKf</p> 
  <p>— glassnode (@glassnode) September 11, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>The liquidity crunch is likely to be stemming from several factors, including concerns about the regulatory environment, especially in the US. Traders and investors are comfortable with a “wait-and-see” approach, hence the low trading activity.</p> 
 <p>“Some investors might be hesitant to move their assets due to the prevalence of volatile price swings, especially in the cryptocurrency market.” @AzukaDM, a web3 strategist said via X (Twitter). “This reluctance to trade can result in lower liquidity.”</p> 
 <p>Another factor resulting in low liquidity levels could be the growing popularity of DeFi and staking platforms which remove a significant amount of digital assets from the circulating supply.</p> 
 <p>That said,&nbsp;BTC price needs enough momentum&nbsp;to sustain gains above $26,000 with a break above $28,000 likely to propel the crypto beyond $30,000. On the downside, losing the 425,000 support could trigger another sell-off to $22,000.</p> 
 <h3 id="related-articles">Related Articles</h3> 
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  <li>Ripple Is Now Hiring 80% Of Its Staff Outside the US, Is SEC to Blame?</li> 
  <li>Bitcoin Active Addresses Hit 5-Month High, BTC Price Rally Ahead?</li> 
  <li>Will Bitcoin Recover $28K Over US CPI Inflation Report?</li> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/btc-price-bullish-comeback-eyes-run-up-to-28k-tbt62509.html">https://thebittimes.com/btc-price-bullish-comeback-eyes-run-up-to-28k-tbt62509.html</a></p>

BTC Price Bullish Comeback Eyes Run-Up To $28k

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