Bitcoin Price Analysis: Orbiting 26585 – 18 September 2023

Crypto Daily
Crypto Daily

17 Sep 2023 4:00 PM

Bitcoin (BTC/USD) experienced a slight bid early in the Asian session as the pair continued to orbit the 26585.66 level after testing the 26917.36 area, an upside price objective associated with recent appreciating activity around the 24900 and 25763.43 areas....

  • Bitcoin (BTC/USD) is currently trading around the 26585.66 level after testing the 26917.36 area.
  • Traders have found support above the 50-bar, 12-hour simple moving average but have struggled to break above the 200-bar, 4-hour simple moving average.
  • Recent selling pressure has pushed BTC/USD as low as the 24900 area, but bears failed to sustain the downward break.
  • A sustained break below the 25462.40 level could increase bearish pressure.
  • Technical support and potential buying pressure are expected in the range of 15460 to 19568.52 levels.
  • Traders are observing bearish indications on the 4-hourly chart, but bullish indications on the hourly chart.
  • Price activity is closest to the 200-bar MA (4-hourly) at 26650.66 and the 50-bar MA (hourly) at 26530.23.
  • Technical support is expected around 24440.41, 23270.10, and 22769.39 levels.
  • Technical resistance is expected around 31986.16, 32989.19, and 34658.69 levels.

The sentiment of the article is neutral, providing technical analysis and information about Bitcoin's recent price movements.

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