Bitcoin attempted to break out of range during the first half of last week, but bulls were unable to sustain higher levels. Bitcoin is back within range, trading near $26,000.

Price action over the past few days has formed two consecutive doji candlestick patterns on the weekly chart, indicating uncertainty about where to go next. While it’s difficult to predict the direction of a breakout, downside may be limited in the near term amid expectations that the U.S. Securities and Exchange Commission (SEC) may ultimately approve one or more pending applications for a spot Bitcoin exchange-traded fund.

In the short term, it is difficult to identify specific catalysts that could push Bitcoin out of its range. The lack of clarity on where Bitcoin will trend next has put most major altcoins under pressure.

Bitcoin is now lacking liquidity, and while the downward sloping moving averages suggest bears have the upper hand, the gradually recovering relative strength index (RSI) suggests bearish momentum may be waning. The first sign of strength would be a breakout and close above the $26,800 range. If this happens, Bitcoin could retest the August 29 intraday high of $28,140.

If the bears want to seize control, they will have to push the price lower and keep it below $25,000. This will be tough as bulls will likely fight tooth and nail to defend this level. However, if the bears gain the upper hand, Bitcoin could plummet to $23,000, where there is support and a test of this level is likely if there is a strong decline.

In my opinion, the bottom area of ​​Bitcoin this month should be in the 25,000 or 23,000 area. This will be a very important area in September and a good area for short-term buying in the market. You can pay attention to it. $BTC