Bitcoin analysts flag key BTC price points as bulls cling to $26K

Bitcoin (BTC) hit intraday lows after Wall Street opened on September 26 as its price action shied away from significant moves.

Binance traders form weak resistance on BTC price

Data comes from Cointelegraph Markets Pro and trading view The largest cryptocurrency was shown trading in a tight range while holding $26,000 as support.

Bitcoin bulls retested the $26,000 level multiple times at the start of the week but still held on at the time of writing.

Monitoring resource Material Indicators looks at potential future scenarios by analyzing the makeup of Binance, the world’s largest exchange.

With bid liquidity between $25,000 and the current spot price of $50 million, with resistance above just $6 million, there is little to “pull the price down”.

“Watch to see if it replenishes, moves, or is eaten,” it commented.

Material Indicators reiterates $24,750 – Bitcoin’s mid-June low — remains the “bottom line” for bulls as in previous weeks.

Meanwhile, popular trader and analyst Daan Crypto Trades, while describing the current situation as “not that bad,” highlighted two key levels that could determine new BTC price trends.

These come in the form of a 200-week moving average (MA) at $28,000 and a horizontal support zone around $25,000.

On September 26, he predicted to X (formerly Twitter) subscribers: “Until then, we may see volatile price action in the short term.”

#bitcoin Shrinking it isn’t so bad.

But I doubt we’ll see any meaningful trend form until:

1. The weekly 200MA (~$28K) was broken.
2. Horizontal support (~$25K) was broken.

Until then, we may see choppy price action in the short term. pic.twitter.com/eSgf2LgzKu

— Daan Crypto Trades (@DaanCrypto) September 25, 2023

Bitcoin enters “positive seasonal” phase

Looking ahead, financial commentator Tedtalksmacro is optimistic about Bitcoin for the rest of 2023.

Related: Fed encourages Bitcoin holdings, Bitcoin trading volume hits five-year low

“Bitcoin is entering a positive seasonal period,” he debate.

Noting that October is traditionally a lucrative month for BTC holders, Tedtalksmacro said 2022 is an exception due to the impact of U.S. benchmark interest rates.

“However, this is an unprecedented environment for Bitcoin,” he continued.

“Prior to 2022, Bitcoin interest rates were never much higher than 2%…and now in late 2023, the federal funds rate is above 5% and will likely remain there for much longer as central banks around the world try. .to curb inflation.”

The accompanying chart shows that October has been, on average, Bitcoin’s most successful month over the past three years, according to monitoring resource CoinGlass show Similarly.

According to CointelegraphBitcoin is expected to make a comeback later this year as the next block subsidy halving approaches.