The 200-day average is the focus of BTC price activity as we approach the monthly closure, and opinions regarding the future are becoming more divided.
Bitcoin tickers below $26,001 are holding onto their gains from this week, and some traders are increasing their wagers on a rising BTC price. Low-timeframe BTC price movement is being supported by a significant moving average and is maintaining $27,000, according to data from TradingView.
Even though Bitcoin has reversed course from its recent highs above $28K, bearish has not yet caused a complete retracement of the rise. Given that the long-term line of trend that BTC/USD had been using as support is now being successfully held, some may view this as increasingly encouraging news.
Bitcoins Status Contradicts With The Negative Market Speculations
The 200-day EMA, which is now sitting a bit above $27K, illustrates this. Bitcoin is closely clinging to the two-hundred-day EMA going into last month’s monthly closure because a few hourly candles falling below August 31 were insufficient to trigger a more severe collapse. Popular trader Moustache informed X subscribers that “Bitcoin is once again above the usual EMA 200-Line.” That viewpoint sharply contrasts with the spate of negative market viewpoints from several credible sources, several of whom predict a shift to $25K or below. However, another trader Jelle is still upbeat and stressed the importance of Bitcoin remaining above $27K.
After an impulse, this is just what he wants to see. Spike up, brief retracement, hold at important HTF level. On August 30, he summed it up, asking for it to be sent higher up. A later update disclosed strategies for long positions in anticipation of the USD/BTC going beyond local highs. As our sources noted, certain early in the month, further bull market indicators were used. have not yet been reclaimed by BTC price movement. Rekt Capital, an analyst and a trader, observed during the day that a couple of these are currently serving as resistance.