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October 1, 2023
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BTC Price Analysis: Back In Range, BTC Price Goes Radio Silent At $26K?

The post BTC Price Analysis: Back In Range, BTC Price Goes Radio Silent At $26K? appeared first on Coinpedia Fintech News

With the SEC delaying the Bitcoin ETF to October, the Bitcoin price falls back to the $25K demand belt. This move from the SEC delays the anticipated recovery in the crypto market as the SEC remains under pressure from multiple angles. 

Moreover, in the on-chain world, the amount of Bitcoin held on exchanges fell by 19.35k BTC to 6.44k BTC, the biggest one-day decrease in 64 days.

New Week Same Range For BTC Price

Reversing from the 200-EMA in the 4-hour chart, Bitcoin price returns to the $25K support level. The sudden fall brings the BTC price back to the pre-Bitcoin ETF anticipation levels, leading to a new sideways trend. 

The buyers manage to hold off the downtrend at the $25K demand belt, but the declining EMAs in the 4-hour chart warn of a downtrend continuation. 

Coming to the technical indicators, the MACD and RSI indicators remain under a sideways trend. The MACD indicator shows the MACD and signal line moving flat, but the bullish histograms are on the rise. On the other hand, the RSI line struggles to reach the halfway line. 

Following the recent bounce back from $25K, the BTC price may soon continue the uptrend with the range breakout. However, the range brings a buying opportunity for long-term investors as the dip to $25K is lucrative to many. 

As per the price action, the BTC price may reach the $28,000 mark upon a bullish breakout. On the flip side, a downtrend continuation undermining the bullish dominance at $25K will plunge the BTC price to $24,000 or $22,000.

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