Bitcoin price has been trading in a range between $25K and $26K for the past week, as bulls and bears fight for control over the market.
The leading cryptocurrency has failed to sustain a clear breakout above the $26K resistance level, which has been a major hurdle since the start of September. Here, we will try to find out Bitcoin next target.
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Bitcoin Price Analysis
The weekly chart shows that Bitcoin price is still in a downtrend, as it remains below the 50-week simple moving average (SMA) and the descending trendline that connects the lower highs since April. The relative strength index (RSI) is also below 50, indicating that the sellers have the upper hand.
However, Bitcoin price has also found strong support at the $25K level. This support zone has been tested several times in August and September, but has not been breached decisively.
Therefore, Bitcoin price is currently in a consolidation phase, as it awaits a catalyst to trigger a decisive move in either direction. A weekly close above $26K could signal a bullish reversal, while a weekly close below $25K could confirm a bearish continuation.
Bitcoin Price Daily Chart
The daily chart shows that Bitcoin price has been forming a symmetrical triangle pattern since mid-August, which is a sign of indecision and uncertainty in the market. The symmetrical triangle has a flat resistance at $26K and an ascending support at $24.5K.
EMA21 breakout is the confirmation of the bullish impulsive waves ????.
The RSI is hovering around 50, indicating a balance between buyers and sellers. The 50-day SMA is also flat, reflecting the lack of momentum in either direction.
Bitcoin Price Outlook
The bulls need to push Bitcoin price above $26K and hold it there on a daily basis, to confirm a bullish breakout from the triangle and challenge the next resistance at $27.5K..
The bears need to drag Bitcoin price below $24.5K and hold it there on a daily basis, to confirm a bearish breakdown from the triangle and target the next support at $23K.
Bitcoin News Roundup
Some of the latest news stories that could impact Bitcoin price are:
- Skybridge Capital, a hedge fund that invests in Bitcoin, has partnered with Moss Earth, a platform that sells carbon credits, to offset its carbon footprint and support environmental projects.
- The Criminal Investigation Department (CID) of India has raided the premises of Shrikrishna Ramesh alias Sriki, a hacker who allegedly stole Bitcoins worth Rs 9 crore from an online gaming platform, and two of his associates.
- Forbes contributor Steven Ehrlich argues that investors can buy Bitcoin at a discount by purchasing shares of Grayscale Bitcoin Trust (GBTC), which trades at a 16% discount to its net asset value (NAV), if they believe that the SEC will approve a spot Bitcoin ETF in the near future.
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