Bitcoin (BTC) is currently exhibiting a medium-term downward price channel, characterized by a series of descending movements. The initial descent occurred following the legal controversy involving Binance. However, the price managed to break through a significant resistance level at $26,100.
Despite this breakthrough, the price quickly retraced and resumed trading above the aforementioned level. This price action highlights the strength of the resistance-turned-support level. BTC's inability to breach this level (at least for now) during the second descent wave, triggered by central bank decisions, further reinforces its significance. Currently, the price hovers around $26,350.
Looking ahead, it is expected that significant developments will unfold leading up to the upcoming US interest rate decision scheduled for next Wednesday. Consequently, the price is likely to remain range-bound, oscillating between the levels of $26,100 and $27,300.
In the event of a downward movement, key support levels to monitor include $25,530, which recently formed, and of course the psychological level of $25,000. Should the price of Bitcoin dip below this level, it may signal a shift towards a bearish trend.
Despite this breakthrough, the price quickly retraced and resumed trading above the aforementioned level. This price action highlights the strength of the resistance-turned-support level. BTC's inability to breach this level (at least for now) during the second descent wave, triggered by central bank decisions, further reinforces its significance. Currently, the price hovers around $26,350.
Looking ahead, it is expected that significant developments will unfold leading up to the upcoming US interest rate decision scheduled for next Wednesday. Consequently, the price is likely to remain range-bound, oscillating between the levels of $26,100 and $27,300.
In the event of a downward movement, key support levels to monitor include $25,530, which recently formed, and of course the psychological level of $25,000. Should the price of Bitcoin dip below this level, it may signal a shift towards a bearish trend.