Bitcoin (BTC) maintained its gains for the week, with some traders doubling down on bullish BTC price bets.
Trader: Bitcoin price may have bottomed out
Data from Cointelegraph Markets Pro and Cointelegraph Markets Pro shows that a key moving average is boosting BTC price action on the short-term time frame, keeping it above the $27,000 level. transaction view show.
Bitcoin may have retraced from local highs above $28,000, but the bears have yet to trigger a full pullback.
For some, this is increasingly positive news, as BTC/USD is currently holding onto a long-term trendline lost in early August.
It comes in the form of a 200-day exponential moving average (EMA), currently at $27,180.
A few hourly candles closed below Aug. 31, not enough to spark a deeper crash, with Bitcoin clinging to the 200-day moving average at the monthly close in August.
Popular trader Mustache told X subscribers: “Bitcoin is back above the daily EMA 200 line.”
“A lot of people are waiting for better access, but I don’t think that’s going to happen.”
This view contrasts with a series of more bearish market views from various reputable sources, many of which call for a return to $25,000 or lower.
However, fellow trader Jelle remains bullish, and he is equally bullish on Bitcoin staying above $27,000.
“That’s exactly what I want to see on the spur of the moment. Up, shallow retracement, hold at key HTF levels. Make it higher,” he said. Summarize August 30th.
subsequent renew Revealed a long-term plan to prepare for BTC/USD to “break through” local highs.
Bitcoin Price Outlook Divides
As Cointelegraph reported, bitcoin price action has yet to revert to some other bullish moving averages from earlier this month.
Related: ‘100% Bulls Hit’ Bitcoin Metric Predicts BTC Price Floor at $23,000
Trader and analyst Rekt Capital is cautious in the current environment, famous Overnight, some of them are now acting as resistance.
Continuing with the same day, monitor resource material indicators as well warn Bitcoin may be back to square one and will need a “resurgence in bullish sentiment” to reach higher local highs.
Based on signals from its proprietary trading tool, Material Indicators marks $27,760 and $24,750 as upside and downside levels to watch, respectively.
This article does not contain investment advice or advice. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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