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Bitcoin Bulls Hold Strong At $25,500 But Can They Push BTC Higher?

September 6, 2023
in Crypto Exchanges
Reading Time: 2 mins read
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Bitcoin value is consolidating above $25,650 and $25,500. BTC may begin a good improve if the bulls handle to push it above the $26,200 resistance.

Bitcoin is buying and selling in a spread above the $25,650 help zone.
The value is buying and selling under $26,000 and the 100 hourly Easy transferring common.
There’s a short-term bearish development line forming with resistance close to $25,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may take a serious hit if it continues to battle under the $26,200 resistance zone.

Bitcoin Value Begins Consolidation

Bitcoin value remained in a spread and settled properly under the $26,200 resistance zone. It looks as if BTC bulls are at present defending a draw back break under the $25,650 and $25,500 help ranges.

It’s clearly consolidating above the $25,650 degree. Nonetheless, it is usually under $26,000 and the 100 hourly Easy transferring common. Moreover, there’s a short-term bearish development line forming with resistance close to $25,800 on the hourly chart of the BTC/USD pair.

Fast resistance on the upside is close to the $25,800 degree and the development line. The primary main resistance is close to the $26,000 degree or the 23.6% Fib retracement degree of the primary decline from the $28,150 swing excessive to the $25,330 low.

The following main resistance is now close to the $26,200 degree. A correct shut above the $26,200 degree would possibly begin a good restoration wave towards $26,750. It’s near the 50% Fib retracement degree of the primary decline from the $28,150 swing excessive to the $25,330 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The following main resistance is close to $27,000, above which the bulls would possibly achieve power. Within the acknowledged case, the value may take a look at the $28,000 degree.

One other Drop In BTC?

If Bitcoin fails to clear the $26,200 resistance, it may proceed to maneuver down. Fast help on the draw back is close to the $25,650 degree.

The following main help is close to the $25,350 degree. A draw back break and shut under the $25,350 degree would possibly ship the value additional decrease. Within the acknowledged case, the value may drop towards $24,800 and even $24,500.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.

Main Assist Ranges – $25,650, adopted by $25,350.

Main Resistance Ranges – $25,800, $26,000, and $26,200.

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Tags: BitcoinBTCbullsHigherHoldPushStrong
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