BTC price is stuck at the $26,700 resistance level.
The price of Bitcoin is trying to break back above $27,000, but sellers remain vigilant. Bitcoin dominance shows signs of losing steam, is it finally altcoins’ turn?
Yesterday, the price tried to return above $27,000, but sellers appeared. The sellers brought the price of Bitcoin back to around $26,500. In fact, the course stalls in 24 hours:
In one week, the course shows an increase of 2.4%. However, in one month, the rate is falling by almost 8%. The BTC/ETH pair fell by almost 1% in 24 hours. In the current context, during the first 15 days of September, Bitcoin recorded a positive performance of +2%, thus raising the overall annual gain to +59.75%.
Bitcoin has maintained the price above the first support level at $25,500. It is the fourth consecutive week in which it is above that level, after the infringement that occurred in mid-August.
Bitcoin Dominance Flirts with 50%
Bitcoin dominance has increased by approximately 30% since September 2022. Since closing below 49.5% there the dynamics turned bearish on a weekly basis.
Nevertheless, the course is in the process of bouncing off the institutional bias level (EMA 9/EMA 18) bullish. There should be a dynamic with upward valleys and peaks to be able to say that the capital is heading towards BTC again. In such case, the price could return to the next resistance level at 53%.
However, if the course is repeated and it closes below the last minimum marked at 48.9%, the bearish dynamic would continue. In this case, a return to the 47.5% support level is possible, and the altcoins would be more resilient relative to Bitcoin.
On a weekly basis, the RSI bounced to the level of the uptrend line. Buyers have a chance to play, but the RSI will have to regain bullish momentum.
Short-Term Scenario for Bitcoin
In the last two days’ scenario, the price of BTC has stopped at the short-term resistance of $26,500. Said resistance level is identified using Fibonacci levels, calculated in the vector from the high of $28,193 to the recent low of $24,917.
The most relevant resistance is the one that moves at $28,280, though. The move to watch for is from $31,845 to the recent low of $24,713.
A breakout from this $28,300 zone could see the BTC price return to the $32,000 zone, from where the June distribution phase began, followed by the subsequent decline.
Bitcoin Price Stagnates Against $26,700 Resistance
Buyers tried to push back above the $27,000 level but the resistance held. In fact, the resistance at $26,700 currently blocks the course.
A fence above the latest high at $26,890 would allow the momentum to continue with rising lows and highs. In this case resistance at $26,700 could give way and the price could return to the resistance level at $27,300.
On the other hand, in case of rejection, the price could return to the support level at $26,000. The buyers’ goal is to maintain the last low, marked at $26,220. The RSI continues to move above the downtrend line.
Bitcoin’s dominance is recovering, but momentum remains fragile since it closed below 49.5%. However, caution is advised as a rejection at the resistance level could allow sellers to push the price back to $26,000. Meanwhile, Ethereum clings to $1,600.
By Leonardo Pérez
