Bitcoin is still close to essential levels of resistance providing more attention to traders and analysts. The short term movement of the cryptocurrency is becoming important with $57,000 being cited as a possible range for the currency to exhibit possible movements.
Analysts See Bullish Potential
Crypto Tony, a crypto analyst, pointed out that the current price of Bitcoin has been struggling trying to advance above $57,000 level. According to the analysis, if bitcoin reclaims this level, there is likely to create an opportunity for traders to enter long positions.
$BTC / $USD – Update
— Crypto Tony (@CryptoTony__) September 9, 2024
Reclaim $57,000 and i will then scalp long this up pic.twitter.com/D5MiAeuBDd
The recent movements of Bitcoin show an upward trend and may experience further increase in the near future provided it will be able to break the resistance level of $57,000. The analyst stated that a long position could be derived if the price goes beyond this level.
Altcoin Sherpa, another expert, has cautiously been positive in the price trend of Bitcoin. The current area was pointed as an area of interest with a possibility of enhancing $60,000 in the near future. The analysis of the chart revealed some price moving average where the first one was at $58,323 while the second one was at $59,716. These levels could be potential resistance levels.
$BTC Current area is an area of interest but I think btc looks decent in the short term; could go up to 60k. Would definitely be cautious though and TP at every resistance area. pic.twitter.com/jn64y8b4Ik
— Altcoin Sherpa (@AltcoinSherpa) September 9, 2024
The analysis notes critical resistance at $59,380 that corresponds to a 200 moving average. Still, if the price of Bitcoin penetrates this zone it can trigger a deeper rally. But as always there is caution in relation to volatility in the process.
Mixed Signals From Technical Indicators
The technical indicators are also pointing towards both the directions. On the daily chart, RSI is at 44.70, which sets it in the neutral zone. It does not indicate signs of over purchase or over sell on its currencies. However, the MACD is bearish. The MACD line is below the signal line, indicating potential weakness ahead.
Will Bitcoin Rebound 20% This Week Amid Key Economic Data?The general sentiment reflects cautious optimism. If Bitcoin goes above $57000 steadily and continues the upward movement, then it will start a new bull run. But if no breakthrough is made, then there will only be consolidation or a pullback.
Some analysts predict that a breakout will occur in late September, based on historical Bitcoin halving. However, September has always been a rough period for Bitcoin, which yields an average of -4.48% returns. Many expect a big rally possibly in October as it is a month associated with improved returns.
