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The crypto market has been hit by negative waves recently, but the price of Bitcoin (BTC) seems to be nearing the $27,000 threshold. The current view of Bitcoin’s order book indicates that buying bids significantly exceed selling offers. The dominance of buying signals the strength of demand and may be an indicator that the crypto market is preparing for an upward movement.
Bitcoin’s Critical Resistance Levels
On September 15th, the price of Bitcoin faced a slight downward momentum. The largest cryptocurrency could not surpass the intraday high of $26,699. As a result, the price of the crypto king dropped to $26,240, which currently serves as a buffer to prevent further decline.
Furthermore, if Bitcoin fails to stay above the support level of $26,240, the next support level will be around $26,000. Although a downward break from this level could lead BTC towards the next significant support level of $25,800, surpassing the $26,699 resistance could result in a change in market dynamics and a move towards $27,000.
In addition to the price movement, the market cap of Bitcoin has settled at $516 billion, experiencing a 0.56% decrease in the last 24 hours. The trading volume during the same period stands at $11.3 billion, marking a 12.24% decline.
BTC Technical Analysis
On the BTC/USD price chart, the Chaikin Money Flow (CMF) indicator, which currently has a note of 0.03 and is in an upward trend, indicates buying pressure. If CMF surpasses 0.05, buying pressure will strengthen.
Moreover, the rise in the Relative Strength Index (RSI) at the level of 14.30 indicates that BTC is oversold. Therefore, a possible decrease in price could attract more investors to the market. If the indicator rises above 20, it can be expected to support the price increase by indicating an increase in buying interest.
Despite the short-term downward pressure, Bitcoin continues to stay strong in order to reach the $27,000 level. With significant support and positive indicators, the path ahead for the largest cryptocurrency looks clear.
