BTC Price Analysis: Will Bitcoin Price Boost To $28K This Week?
The post BTC Price Analysis: Will Bitcoin Price Boost To $28K This Week? appeared first on Coinpedia Fintech News
Following the sharp downfall in August, Bitcoin price is back at the $25K level, leading to a couple of range breakouts. Moreover, last month was extremely silent as the trading volumes fell to the lowest in the last four years.
With a death cross impending in the daily chart, BTC price action displays a relief rally attempt by bulls. However, the multiple bearish milestones in the 4-hour chart will be pivotal for Bitcoin.
Is Bitcoin Bullish in 4-Hour?
Despite a range breakout with the high sentiments of Bitcoin ETF, BTC price failed to surpass the resistance trendline. This is partly due to the SEC delaying the ETF dates, leading to a hopium shortage.
At present, Bitcoin price displays a similar breakout rally with a new bullish attempt to challenge the resistance trendline. Powered by the RSI divergence, the ongoing bounce back starts to display higher price rejection as it retests the bullish breakout.
Technical indicators:
RSI indicator: The RSI line displays a bullish divergence rally playing out, increasing the chances of the trendline breakout.
EMAs: The 50 and 200-day EMA are on the verge of a death cross that might push the BTC price to even lower levels.
Will Bitcoin Price Reclaim $28K?
With the ongoing recovery rally in the 4-hour chart, Bitcoin price displays a short-term improvement, teasing a prolonged uptrend. However, the trendline breakout is necessary for Bitcoin to sustain the bullish momentum. A breakout rally will fuel the Bitcoin drive to the $28K before reaching the $30K mark. It will also delay the death cross possibility.
On the flip side, a reversal from the resistance trendline will plunge Bitcoin back to the $25K mark. Nevertheless, it brings an opportunity for long-term holders to accumulate at lower levels.
Filed under: Bitcoin - @ September 8, 2023 6:22 am