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.
We said in the previous analysis that the bulls are expected to defend the $28,185 level with all their might and they did just that on October 8th. This indicates that Bitcoin remains stuck inside the large range between $26,000 and $30,000. The bulls pushed the price above the 20- day exponential moving average (EMA) on October 8 but failed to challenge the 50-day simple moving average (SMA). This suggests a lack of demand at higher levels.The bears tried to sink the price back below the 20-day EMA but the bulls held their ground. This shows that the bulls are trying to flip the 20- day EMA into support. If they do that, the BTC/USD pair could climb to the 50-day SMA.
This level may again act as a strong hurdle but if cleared, the pair could reach $28,185. If the price turns down sharply from this level, it will indicate that the pair may consolidate between $25,000 and $28,185 for a few more days. The positive view will invalidate in the near term if the price slips back below the 20-day EMA. That will embolden the bears who will again take a shot at the crucial support at $26,000.
If this level cracks, the pair may collapse to $20,000. Lastly please check out the advancement’s happening in the cryptocurrency world
Lastly please check out the advancement’s happening in the cryptocurrency world.