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BTCUSD Remains Unstable and Has Not Been Able to Hold a Major Level
BTCUSD remains unstable amidst the tussle against opposing forces. The coin suffered a severe bearish blow around mid-August. This plunged the price to $25,800, where it was capped at $26,300. An attempt to surge upward resulted in a drop in consolidation. However, there is now a drop below the support, but the market has equally bounced back upward to hold on to the $25,800 support.
BTCUSD Key Levels
Supply Levels: $26,300, $30,000, $35,000
Demand Levels: $25,800, $25,250, $25,000
In the face of opposing market forces, BTCUSD suffered a substantial bearish setback in mid-August, causing its value to plummet to $25,800, where it encountered resistance at $26,300. An attempt to rally resulted in a return to consolidation. However, a recent breach below the support level was followed by a swift market rebound, which saw the price reassert itself at the $25,800 support level.
Presently, despite the persisting market instability, the indicators indicate a predominantly sideways movement with a slight bias favoring bears. The MACD (Moving Average Convergence Divergence) lines, driven lower by the mid-August downturn, have started to converge upward in a bid to restore equilibrium. Meanwhile, the 50-period Moving Average (MA) aligns itself as a resistance trendline above the market.
Bitcoin Market Expectations
The MACD has come agonizingly close to equilibrium on the 4-hour chart as the price rebounds towards the $25,800 level. While the resistance trendline is still hands above the price, the MA period 50 has dropped to act more as a support for the 4-hour candlesticks. The price remains fluctuating, with neither bulls nor bears having the upper hand. The next market movement will give us a better understanding of the market.
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