In an attempt to regain the $26,000 level, bulls failed in their attempt to shake the Bitcoin price action as the price fell back to the downside and at the time of writing was already at $25,851.
This is because according to analyst CryptoCon "Bitcoin could remain in a "mid-cycle pause" until the start of the next bull market in November 2024".
Similarly in the same approach "ARK Invest said in a report that cryptocurrencies could continue to face headwinds in the remainder of 2023 due to various macroeconomic issues such as interest rates, gross domestic product estimates, unemployment and inflation."
According to Rakesh Upadhyay, in terms of Bitcoin price analysis, he noted that the leading cryptocurrency by market capitalisation "reached the 20-day exponential moving average (USD 26,419) on 7 September, but the bulls were unable to overcome this hurdle. This suggests that bearish traders are fiercely defending the 20-day exponential moving average."
"However, the inability of the bearish to challenge the crucial support at USD 24,800 suggests that the selling is drying up at lower levels. The Relative Strength Index (RSI) is trying to form a positive divergence, indicating that bearish momentum is weakening."
SOURCES CONSULTED
Cointelegraph. Price analysis 9/8: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
