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After the latest macroeconomic data from the US, Bitcoin dropped to $27,000 on September 21. Price data from TradingView showed that Bitcoin lost strength before the Wall Street opening, and the price dropped by almost 1.5% during the day. Some investors believe that the BTC price may enter a downward trend and that $27,150 is being watched as a resistance level.
There is Still Hope for Bitcoin
Bitcoin remained silent against the Federal Reserve’s interest rate decision, and Chairman Powell’s speech and press conference did not create any volatility on the Bitcoin price. Contrary to expectations, the BTC price did not react to the news flow. In addition, the news that the payments to the creditors of the bankrupt Mt. Gox exchange will be postponed for another year did not attract attention in the market. Popular investor Jelle explained this situation to his subscribers on X as follows;
“The Fed’s announcement to stop interest rates did not surprise anyone. The price is still at the same point, but at least now we don’t have FOMC above us. We will stay in range until proven otherwise.”
Jelle’s long-term chart analysis shared on X maintained the upward trend and highlighted that a higher breakout is still possible from the current structure that has been ongoing for over a year.
Investor Crypto Tony frequently emphasized the importance of the $26,800 level in his posts:
“My plan was to take a long position as long as we stayed above $26,800, and so far we are doing that. The price has definitely dropped a bit, so ending this week with an uptrend now depends on the bulls.”
The Most Important Support Level for Bitcoin
Investor Crypto Ed, who took notice of the strength of the decline after the Fed statements and economic data, suggested that reaching the highest levels in August could be a cause for concern.
The investor maintained his theory that the BTC price will fall on longer timeframes. He also shared with his followers that the $27,150 support has turned into resistance on the monthly chart.
“BTC Monthly: The $27,150 level, which was lost as support last month. Now, the BTC price continues to be rejected from the same level, and $27,150 is currently acting as resistance.”
