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BTCUSD failed in another attempt at a bullish breakout, which aimed to breach the crucial $26,300 level. This move was supposed to signal a departure from its prolonged price consolidation phase. Since mid-August, the consolidation has confined the coin between $26,300 and $25,800. This happened after a significant global cryptocurrency market downturn.
BTCUSD Key Levels
Supply Levels: $30,000, $28,000, $26,300
Demand Levels: $25,250 $25,000, $19,500
It’s worth noting that a previous attempt to escape this consolidation phase resulted in a volatile retreat back to the accumulation range. Nevertheless, BTCUSD’s latest attempt at violating the $26,300 resistance level, displaying a more controlled and less volatile demeanor, also fails.
The coin could not overcome the $26,300 resistance level due to numerous challenges. The 25-period Moving Average (MA) on the daily chart added a layer of resistance that the price could not surpass after it failed to establish itself above $26,300. Despite this, there is a sense of optimism as the daily Relative Strength Index (RSI) exhibits steady progress, transitioning from an oversold condition towards the midpoint.
Market Expectations
An encouraging signal emerges when analyzing the 4-hour chart. The 25-period MA lines have descended to the support level of $25,800, functioning as a stabilizing force. However, RSI, which had risen above the 50 mark and was approaching overbought territory, has dropped back to the 50 mark. Another rise is expected, and should Bitcoin rise and establish a position above $26,300, it could set its sights on the $28,000 mark once again, further suppressing the bearish sentiment in the market.
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