The robust ascent of the U.S. Dollar Index casts a looming shadow, exerting pressure upon Bitcoin and a curated selection of alternative cryptocurrencies within the immediate time frame. Bitcoin's vulnerability, laid bare on the 24th of September, underscores the prevailing dominion of the bears. Their concerted efforts aim to orchestrate a descent beneath the $26,000 threshold, yet the bulls, resolute and unyielding, are poised to valiantly defend this bastion.
These intrepid buyers aspire to etch a resplendent mark in the annals of Bitcoin history by engineering a positive closure for the month of September, an accomplishment unseen since the year 2016. Should they indeed succeed in this endeavor, it would be nothing short of a monumental triumph, instilling a renewed and invigorated sentiment, for the month of October has traditionally favored the interests of the buyers.
The uncertainty from the inside-day candlestick pattern on Sept. 22 and 23 resolved to the downside on Sept. 24. This suggests that the bears have asserted their supremacy. The sellers will try to strengthen their position further by pulling the price to the solid support at $24,800.
This remains the key level to watch out for in the near term, as the bulls are expected to defend it with all their might. If the $24,800 support gives way, the BTC/USDT pair could start a downward move to $20,000. Time is running out for the bulls. If they want to start a meaningful recovery, they will have to push and sustain the price above the moving averages. That will open the doors for a retest of the overhead resistance at $28,143.
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