Bitcoin (BTC/USD) Market Commences Retracement as Bullish Recovery Looms
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Bitcoin Price Prediction – September 26
BTC/USD market commences short-term retracement as a bullish recovery looms at the discount zone. A bullish order block lies around the $59000 price level in the discount zone.
The chart includes the 9-day SMA (Simple Moving Average) and the MACD (Moving Average Convergence Divergence) indicators, both providing insights into Bitcoin’s price movement. The price has recently crossed above the SMA. The declining MACD values hint at weakening bullish strength, pointing to a likely retraction phase before further recovery.
BTC/USD Market Key Levels:
Resistance Levels: $70000, $73840, $80000
Support Levels: $61910, $56500, $49050
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the market is undergoing a short-term retracement.
BTCUSD has been trading between critical support at $56500 and resistance at $64000. After testing and getting rejected at the resistance zone, the price seems poised to move lower toward the bullish order block at $59000. The rejection at $64000 suggests that BTC is entering a corrective phase, seeking liquidity in the lower levels before attempting to break higher.
What are the potential price targets for BTC/USD shortly?
The projection points to a significant move once BTCUSD finds support at the order block in the discount zone, possibly around $59000. Once liquidity is collected and the market stabilizes, a bullish move could push BTCUSD to test the $70000 level, eventually aiming for $73840. This scenario will likely play out if buyers regain control, lifting BTCUSD out of the retracement zone.
BTC/USD – Four-Hour Chart
BTCUSD is expected to start a downtrend from the bearish order block at $64810. The price shows signs of rejection from this resistance zone, suggesting bearish momentum.
The projected retracement may push BTC down toward the bullish order block between $59000. Once the price stabilizes within this zone, a potential reversal could lead to a bullish move toward $66000.
Bitcoin (BTC) Current Statistics
The current price: $63390
Market Capitalization: $1,260,000,000,000
Trading Volume: $24,940,000,000
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