Will BTC price experience a new drop towards $25,000?
Altcoins have been low profile for several months, and this is also the case with PEPE. This altcoin, which is part of the memecoin sector, has fallen 85% since its inclusion on the Binance platform. For its part, the price of Bitcoin attempted to rise again, but the sellers showed up at the $26,700 resistance level. While liquidity has approached $27,000, more is forming a little lower.
After bouncing around $26,700, Bitcoin finally plateaus above $26,000. The price of Bitcoin stagnates in 24 hours and shows a drop of 3.5% in a week. In three months, the course shows a drop of more than 13%. At the same time, the BTC/ETH pair stagnated for a week but shows an increase of 4.4% in a month.
Liquidity is Below $26,000 for Bitcoin
Yesterday buyers managed to raise the price to $27,000. Thus, the existing liquidity was taken and the sellers saw their positions liquidated. According to data from the Coinglass website, the large cash reserves are below $26,000.
If sellers continue to push, the market could recoup this cash. A fence below $26,000 daily would generate bearish momentum. The price could then return to the lowest level, marked on September 11 at $24,900. What are the key levels in the short term?
Bitcoin Price Stalled at the $26,700 Resistance Level
The course has recovered the liquidity that was below $27,000. The price locked to the resistance level at $26,700 in 4 hours.
BTC is stuck between resistance at $26,700 and support at $26,000. A hurdle above the last high marked at $26,870 would allow the price to return to the resistance level at $27,300.
On the other hand, a fence below the latest low at $25,990 could trigger a drop towards the support at $25,000. The RSI once again shows bullish momentum. Buyers benefit from the momentum.
Bitcoin price has returned near $27,000. The market has recovered almost all of the liquidity present up to $27,000. There is a lot of liquidity below $26,000 and the market could go after it. A break of the $26,000 support could push the price back towards the $25,000 support level. Buyers also defend support for the Oceanic Protocol (OCEAN). Can the course be restarted?
Bitcoin Enters the “Positive Seasonality” Phase
Financial commentator Tedtalksmacro was bullish on Bitcoin for the rest of 2023. “Bitcoin is entering a period of positive seasonality,” he argued.
Noting that October is traditionally a lucrative month for BTC hodlers, Tedtalksmacro noted that 2022 had marked an exception thanks to US benchmark interest rates. “However, for BTC, this is an unprecedented environment,” he continued.
“Before 2022, BTC had never existed in a world with rates much higher than 2%… while now at the end of 2023, the Fed Funds rate is above 5% and will likely stay there for much longer.” while the world’s central banks try to maintain control over inflation.”
Bitcoin is reported to be tipped for a return later in the year as its next block subsidy halving approaches.
BTC September 28 Update
Bitcoin (BTC) is trading today, September 28, at US$26,496.29, according to the Live Coin Watch portal. This price positions it 101% compared to its value 24 hours ago and 98% compared to the same day last week. The token’s current dominance (market capitalization) is US$516,625,216,024
By Audy Castaneda
