Sep 03, 2023

Crypto Coin Chart Highlights $24.7K as Analyst Says ‘Nothing Has Changed’ Coin Chart Highlights $24.7K as Analyst Says 'Nothing Has Changed'
Bitcoin chart highlights $24.7K as analyst says ‘nothing has changed’

Despite trader sentiment being overly bearish, Bitcoin (BTC) remained below $26,000 at the end of the Sep. 3 weekly close. Coin, Xmon Crypto, Fed Crypto, Shiba Crypto Today, Fantom Crypto, FTX Crypto and Algo Crypto all failed to alter the situation.

BTC price weekly close puts $25,900 in focus

Data from Cointelegraph Markets Pro and TradingView showed that BTC price has been avoiding volatility over the weekend, operating in a tight $200 range.

The same behavior was seen towards the August monthly close, leaving market participants without any direction. The two volatility events last week, involving crypto asset manager Grayscale and United States regulators, have been erased from the charts.

Traders are now considering the impact of various potential weekly close levels. “In terms of market structure, yet to see a candle body close below June HL or $25.9K,” popular trader Skew wrote on X (formerly Twitter). He was referring to the higher low (HL) below $25,000, with $25,900 being the key line in the sand to reclaim this week.

Furthermore, Skew predicted that a “bearish scenario” could put sub-$20,000 levels back in play. On the other hand, a “less likely” bullish revival involving a reclaim of $26,000 and continuation for a Q4 higher low requires the coin, crypto., xmon crypto, fed crypto, shiba crypto today, fantom crypto, ftx crypto and algo crypto assets to gain traction.

Bitcoin “bearadise” threat remains

Last week’s events were summarized by Keith Alan, co-founder of monitoring resource Material Indicators, who cautioned against making any definitive statements on the bullish or bearish nature of Bitcoin. This came in the wake of Grayscale’s legal victory over the Securities and Exchange Commission (SEC) and the SEC’s delay in deciding on the first U.S. Bitcoin spot price exchange-traded funds (ETFs).

However, Alan argued that no fundamental changes had been made to the Bitcoin market structure. “On the the first day of the September Monthly candle volatility continues as traders who seem to have forgotten ‘the trend is your friend’ are clinging on to hopium and fighting over BS narratives that fit their bias,” he wrote in part of an X post on Sep. 2.

Alan reiterated the idea that $24,750 was the support zone to watch, with Bitcoin “bearadise” in danger of entering if it fails. The accompanying chart showed the BTC/USD order book on Binance, with buy liquidity increasing immediately below spot price at the $24,750 zone of interest.

The coin, crypto., xmon crypto, fed crypto, shiba crypto today, fantom crypto, ftx crypto, and algo crypto markets have all been affected by the current volatility.

Share this article