Bitcoin (BTC) Maintains Gains Amid Bullish Sentiment and Key Support Levels
Summary:
Bitcoin (BTC) holds onto gains as traders remain bullish on its price. The 200-day EMA provides support, keeping BTC above $27,000. While some expect a retrace, others see positive signs with Bitcoin holding key levels. Different outlooks on price direction persist, but the need for a resurgence in bullish sentiment is highlighted. Levels to watch are $27,760 and $24,750. This article does not provide investment advice.
Bitcoin (BTC) is maintaining its gains for the week, with some traders increasing their bullish bets on the BTC price. Data from Cointelegraph Markets Pro and TradingView shows that a key moving average is providing support for BTC price action, keeping it above $27,000. Despite retracing from its recent highs above $28,000, Bitcoin has not experienced a complete reversal of the upward move. This is viewed positively by some traders, as BTC/USD is now holding a long-term trend line that was previously lost in August. The 200-day exponential moving average (EMA), currently at $27,180, is playing a significant role in Bitcoin's price action. Despite some hourly candles closing below this level, no major breakdown has occurred, and Bitcoin remains close to the 200-day EMA as the month comes to a close. Popular trader Moustache believes that Bitcoin's recent move above the daily EMA 200-Line is a promising sign, suggesting that a better entry point may not be forthcoming. On the other hand, some well-known sources in the market have a more bearish outlook, predicting a return to $25,000 or lower. However, trader Jelle remains optimistic, emphasizing the importance of Bitcoin staying above $27,000 after a spike and shallow retrace. Looking ahead, Material Indicators highlighted $27,760 and $24,750 as the key levels to watch, suggesting that a resurgence in bullish sentiment is necessary for a higher local high.
Published At
8/31/2023 8:45:19 AM
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