{"id":13078,"date":"2023-09-03T10:24:03","date_gmt":"2023-09-03T10:24:03","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13078"},"modified":"2023-09-03T10:24:04","modified_gmt":"2023-09-03T10:24:04","slug":"bitcoin-chart-highlights-24-7k-as-analyst-says-nothing-has-changed","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13078","title":{"rendered":"Bitcoin chart highlights $24.7K as analyst says &#8216;nothing has changed&#8217;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) stayed below $26,000 into the Sep. 3 weekly close as analysis brushed off overly bearish trader sentiment.<\/p>\n<p><em>BTC\/USD 1-day chart. Source: TradingView<\/em><\/p>\n<h2>BTC price weekly close puts $25,900 in focus<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC price avoiding volatility over the weekend, operating in a tight $200 range.<\/p>\n<p>An absence of direction provided a solid sense of deja vu for market participants, with similar behavior seen toward the August monthly close.<\/p>\n<p>With all trace of last week\u2019s two volatility events \u2014 involving crypto asset manager Grayscale and United States regulators \u2014 erased from the charts, traders weighed the impact of various potential weekly close levels.<\/p>\n<p>\u201cIn terms of market structure, yet to see a candle body close below June HL or $25.9K,\u201d popular trader Skew wrote in part of an X thread.<\/p>\n<p>Skew referenced a higher low (HL) below $25,000, with $25,900 as the key line in the sand to reclaim this week.<\/p>\n<p>\u201cThis is important because if 1W close is below and price trades this area as resistance early into next week, That would imply a move lower towards previous 1W resistance ~ $24.3K,\u201d he added.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Skew\/X<\/em><\/p>\n<p>Looking further ahead, a \u201cbearish scenario\u201d could put sub-$20,000 levels back in play. A bullish revival, involving a reclaim of $26,000 and continuation for a Q4 higher low, was \u201cless likely,\u201d Skew predicted.<\/p>\n<h2>Bitcoin &#8220;bearadise&#8221; threat remains<\/h2>\n<p>Summarizing last week\u2019s events, meanwhile, Keith Alan, co-founder of monitoring resource Material Indicators, cautioned over categorical pronouncements on how bullish or bearish Bitcoin really is.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin lines up RSI showdown as BTC price slips toward new 2-week low<\/em><\/strong><\/p>\n<p>Volatility up and down, respectively, had come from Grayscale\u2019s legal victory over the Securities and Exchange Commission (SEC), followed by the latter\u2019s delaying a decision on the first U.S. Bitcoin spot price exchange-traded funds (ETFs). <\/p>\n<p>Under the hood, however, Bitcoin market structure has not undergone any fundamental overhaul, Alan argued.<\/p>\n<p>\u201cOn the the first day of the September Monthly candle volatility continues as traders who seem to have forgotten \u2018the trend is your friend\u2019 are clinging on to hopium and fighting over BS narratives that fit their bias,\u201d he wrote in part of an X post on Sep. 2. <\/p>\n<p>\u201cThe reality is NOTHING HAS CHANGED, because neither a breakout nor a breakdown has been technically confirmed or invalidated.\u201d<\/p>\n<p>Repeating an existing theory, Alan continued that $24,750 was the support zone to watch, with Bitcoin \u201cbearadise\u201d at risk of entering should it fail.<\/p>\n<p>An accompanying chart showed the BTC\/USD order book on Binance, with buy liquidity increasing immediately below spot price at the $24,750 zone of interest.<\/p>\n<p><em>BTC\/USD order book data for Binance. Source: Keith Alan\/X<\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-chart-analyst-nothing-changed\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed below $26,000 into the Sep. 3 weekly close as analysis brushed off overly bearish trader sentiment. BTC\/USD 1-day chart. Source: TradingView BTC price weekly close puts $25,900 in focus Data from Cointelegraph Markets Pro and TradingView showed BTC price avoiding volatility over the weekend, operating in a tight $200 range. An absence [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13078"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13078\/revisions"}],"predecessor-version":[{"id":13080,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13078\/revisions\/13080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13079"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}