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Bitcoin's rise this time directly broke the new high for the year. US$32,000 has become a more critical area in the correction process, and there is still US$30,000. Since the rise comes before the fall, will the trend that sets the tone give everyone a signal like a beacon?

By the way, the Bitcoin surge caused by institutions such as Grayscale and BlackRock has just begun, and spot ETFs have always been a milestone event in the currency circle. If the application is approved, then this catalyst may directly make Bitcoin and The currency circle brings new heights! This time is not long, and there will be a lot of things happening in the currency circle next year. Perhaps this is how the bull market will slowly reach its climax! Looking forward to...#BTC $BTC

The bearish pattern for Bitcoin assumes that the price could still rise to around $29,000 before falling further.
Key technical events:
1. Possible overextended beyond the bullish support band (yellow circle), but failed to retest the bullish support band as post-breakout support and the pattern would remain intact
2. Re-examine the lower high resistance level, there is upward accumulation above, but it will eventually be rejected, and the pattern remains intact.
Bitcoin Bearish Pattern Invalid Criteria
a. The bull market support band serves as support
b. The weekly closing price exceeds the lower high resistance level
c. Breaking through the annual high of $31,000
What do you think? $BTC

Bitcoin is expected to head into the week on a positive note after forming a consecutive doji candlestick pattern on the weekly chart for the past three weeks. This is an early sign that uncertainty among bulls and bears is resolving to the upside.

While the recovery is still in its early stages, the September 20 Federal Open Market Committee meeting could increase volatility. Most market participants expect the Fed to leave interest rates as they are, but there could be surprises from Fed Chairman Jerome Powell at his post-rate decision press conference.

Bitcoin's recovery from strong support near $24,800 has sparked buying interest in certain altcoins, which offer trading opportunities. For these altcoins to continue rising, Bitcoin needs to stay above $26,500.

It may be worth looking forward to whether Bitcoin's loose rebound can accelerate its momentum.

Bitcoin rose above the 20-day exponential moving average ($26,300) last week, suggesting selling pressure is easing. Since then, bulls have thwarted multiple attempts by bears to pull the price back below the 20-day EMA.

Buyers will try to take advantage and push Bitcoin towards the 50-day simple moving average ($27,200). This level may be a minor hurdle, but if overcome, Bitcoin could reach $28,000. Bears are expected to defend this level vigorously.

If the bears want to maintain their advantage, they will have to push the price below the 20-day EMA. This could trap aggressive bulls and open the door to a possible retest of key support at $24,800.

I think Bitcoin bulls still have some work to do. If it falls back to the support area of ​​26,300-26,000 US dollars, you can continue to buy long orders. If it can break through 27,000 points, it will rise further. This rebound of 27,700-28,000 will be a better area. Might as well take a look. $BTC

Bitcoin prices have received a fresh boost as traders eye further gains as markets calm over the Federal Reserve's interest rate policy.

Bitcoin opened higher in U.S. trading last night despite new macro data showing a resurgence in U.S. inflation.

The data tracked BTC price action, which hit a new September high, peaking near $26,780.

Bitcoin built on the previous day’s post-close strength, ignoring the impact of a rebound in U.S. inflation, as evidenced by both Consumer Price Index (CPI) and Producer Price Index (PPI) August data. The latter grew 1.6% year over year and 1.3% year over year, beating market expectations.

Still, cryptocurrencies, like traditional markets, reject the idea that U.S. macro policy may remain tighter for longer to curb inflation.

There is little consensus on the Fed raising interest rates again later this month, according to CME Group's FedWatch tool. Conversely, the likelihood of a pause in rate hikes is 97%.

The European Central Bank's (ECB) decision to raise interest rates by 0.25% on the day highlighted the disconnect between data and market sentiment.

Looking at the development of Bitcoin, market participants are hoping for another rise towards $27,000.

I think Bitcoin now has momentum for a short-term rebound, but it's still not strong. Therefore, it remains to be seen whether the rebound can be sustained. If the price can break through $27,000 strongly, the recent decline will change and the price will rise further. However, the strong resistance area above is in the area of ​​$27,000 to $28,000, and it will be difficult to break through further. In the short-term trend, if it can fall back to $26,000 without breaking, you can continue to buy long orders. Trading requires skills, and it will be easier to make profits if you follow the trend. $BTC

Cryptocurrency traders may be cautious and favor a “reversion to the mean” given the macroeconomic uncertainty, particularly the upcoming Consumer Price Index report on September 13 and retail sales data on September 14. . In this case, the average represents the main trading range of $25,500 to $26,200 observed over the past few weeks.

However, from a bullish perspective, the fact that the derivatives market held firm during the dip below $25,000 is a promising sign. In other words, if bears had firm conviction, one would expect greater appetite for put options and a negative Bitcoin futures premium, known as “contango.”

Ultimately, both bulls and bears have major triggers that could impact Bitcoin's price, but predicting the timing of events like court decisions and ETF rulings is challenging. This dual uncertainty may explain why derivatives indicators have remained resilient, as both parties exercise caution to avoid overexposure.

Bitcoin gained 5% yesterday after testing support at $25,000. However, this breakout rally does not necessarily mean victory for the bulls. To put current price action into perspective, Bitcoin is down 15% since July.

This underperformance shows that despite major catalysts, such as MicroStrategy’s plan to acquire an additional $750 million worth of BTC and multiple requests for Bitcoin spot exchange-traded funds (ETFs) from Trillion Dollar Asset Management, Bitcoin’s Still struggling to gain momentum. Nonetheless, according to Bitcoin Derivatives, bulls are confident that $25,000 marks a bottom and opens room for further price gains.

Some believe that the main drivers of Bitcoin in 2024 are still in play, especially the prospect of spot ETFs and the reduction in new supply after the April 2024 halving. Additionally, some immediate risks to the cryptocurrency market have subsided after the U.S. Securities and Exchange Commission suffered partial losses in three separate cases involving Grayscale, Ripple, and decentralized exchange Uniswap.

On the other hand, shorts have their own set of advantages, including ongoing legal proceedings against leading exchanges like Binance and Coinbase. Additionally, the Digital Currency Group’s finances have struggled after a subsidiary declared bankruptcy in January 2023. The group has more than $3.5 billion in debt, which could lead Grayscale to sell funds it manages, including the Grayscale Bitcoin Trust.

Delays in spot ETFs, a stronger U.S. dollar and growing regulatory pressure have all added to the crypto market’s underperformance this week.

Cryptocurrency markets fell this week, with total market capitalization falling 4.4% to reach the lowest since June 14 at $1.02 trillion. The movement reinforces Bitcoin’s market dominance as regulatory uncertainty hangs over the altcoin market.

Despite the hype surrounding recently filed ethereum and bitcoin exchange-traded funds (ETFs), the U.S. Securities and Exchange Commission (SEC) continues to delay decisions on these financial instruments. ETF delays have led to crypto investors choosing to wait and see.

There is also a lack of clarity on the legal status of ethereum, the largest cryptocurrency by market capitalization outside of bitcoin. Although the chairman of the Commodity Futures Trading Commission believes that ether is a commodity and not a security, there is currently no clarification from the SEC.

The price of Bitcoin has been trading in a tight range since the weekend, and the maximum concentration of Bitcoin bid liquidity is now below the lower lows previously set at the bottom of the range, but I would expect that before any downside moves. There will be similar rebounds from current spot levels. From a macro perspective, I did predict that the price would eventually fall a few days ago, and it would be difficult to see a stronger rebound in September, but the existing shorts have not yet fully gained the upper hand.

Because at this stage, I don't see either side building any real strength, and in fact, this move doesn't suggest to me that the bearish momentum is strong, but rather that the bullish momentum and sentiment seems to be fading. This is caused by low market liquidity. Once there is considerable market entry, a rebound will follow to mobilize market enthusiasm. This is a scene that whale accounts are happy to create. $BTC

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

This time the cryptocurrency market was agitated by the sudden news that Grayscale won the SEC Bitcoin ETF review lawsuit. Bitcoin rarely surged, breaking the narrow sideways situation of the past 10 days. Previous applications for Bitcoin ETFs have been fruitless, and the SEC has delayed the deadline for Bitcoin ETF approval to early 2024. In my opinion, the probability of final approval has been greatly increased, which has great implications for the future development of the cryptocurrency market. positive influence.

Although Bitcoin has risen under the influence of sudden information, it will not last long. When the market digests these sentiments, the price will adjust and fall again, at least until the Fed raises interest rates in September, it will be difficult to have a sustained rise. Fortunately, this rise has eased some investors' nervousness. The bulls still don't need to be too optimistic, and wait for the market price to repair and sort out after a sharp rise. The resistance above Bitcoin is in the area of ​​28000 and 28500, and the support below 26000 is still very strong. Pay attention to the market outlook and try again. $BTC