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Bitcoin appears poised to wrap up the week on an optimistic note, following three consecutive weeks of Doji candlestick formations on its weekly chart. Observers interpret this as a potentially positive shift in the tug-of-war between buyers and sellers.
Bitcoin appears poised to wrap up the week on an optimistic note, following three consecutive weeks of Doji candlestick formations on its weekly chart. Observers interpret this as a potentially positive shift in the tug-of-war between buyers and sellers.
The upcoming Federal Open Market Committee gathering on September 20 has the potential to stir things up. Most market players anticipate the Federal Reserve will hold steady on interest rates. However, Fed Chair Jerome Powell's subsequent press conference might hold unforeseen revelations.
Recent momentum around Bitcoin's price, especially its bounce-back from a critical $24,790 support level, has spurred buying activity in specific alternative coins (altcoins). For this positive trend in altcoins to persist, Bitcoin's price needs to remain above $26,450.
On September 14, Bitcoin crossed its 20-day exponential moving average, recorded at $26,239, suggesting a decline in selling pressure. Since that date, positive forces have successfully countered various negative attempts to pull the cryptocurrency's value below this average.
The market's bullish segment now aims to capitalize on this momentum, possibly pushing the BTC/USDT value towards the 50-day straightforward moving average, set at $27,218. Although this might present a slight challenge, surpassing it could see Bitcoin touching near at $28,500, a mark that sellers are likely to fiercely protect.
On the flip side, if sellers wish to regain control, they'd need to lower Bitcoin's price beneath the 20-day exponential moving average. Such a scenario could result in catching bullish investors off guard, potentially leading to a re-evaluation of the crucial $24,800 support.
Notably, Bitcoin's value has stayed above the 20-EMA in the 4-hour chart, indicating an active purchasing pattern whenever the price dips. This behavior demonstrates a prevalent sentiment that anticipates a sustained recovery. Overcoming the $26,800 to $26,900 resistance might see Bitcoin reaching $27,500, with $28,200 in its sights.
However, for the sellers to stage a resurgence, they'd need to not only drop the price below the 20-EMA but ensure it stays there. Doing so could result in the cryptocurrency dropping to the 50-SMA, and subsequently to a robust support range pegged between $25,400 and $25,150.
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