Bitcoin (BTC) aims to close the week positively after forming consecutive Doji candlestick formations on the weekly chart for the past three weeks. This situation may be an early sign that the uncertainty between bulls and bears is resolving to the upside. Although the recovery is still in its early stages, the Federal Open Market Committee meeting on September 20th may increase volatility.
Will the Uncertainty in Bitcoin End?
The majority of cryptocurrency market investors are waiting for the Federal Reserve’s decision on interest rates to provide protection. However, surprises may arise during Federal Reserve Chairman Jerome Powell’s press conference following the interest rate decision. Bitcoin’s recovery from strong support near $24,800 has also sparked interest in some altcoins that provide trading opportunities.
Bitcoin rose above the 20-day exponential moving average of $26,303 on September 14th, indicating a decrease in selling pressure. Since then, bulls have prevented bears from pulling the price below the 20-day EMA. Buyers may try to take advantage of their position and move the BTC/USDT pair to the 50-day simple moving average. Although this level may pose a small obstacle, if it is surpassed, it is likely that the pair will reach $28,143. Experts expect bears to strongly defend this level.
Bitcoin Price Analysis!
Additionally, if bears want to maintain dominance in BTC, they may need to push the price below the 20-day EMA. This could trap bulls and open the door for a potential retest of the key support at $24,800. The cryptocurrency is trading above the 20-EMA on the 4-hour chart, indicating that bulls are buying the dips. This suggests that investors expect the recovery to continue.
If buyers surpass the $26,900 hurdle, the pair could rise to $27,600 and eventually reach $28,143. If bears want to stage a comeback, they may need to push and sustain the price below the 20-EMA. Analysts believe that such a move could pave the way for further downward movement towards the 50-SMA and the strong support zone between $25,600 and $25,300.
