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The weakness of Bitcoin (BTC) has dragged several altcoins further down, and most of them have been testing their lowest levels for a few weeks. This indicates that the broader crypto market is in a tight bearish grip.
Investment Point in Bitcoin!
Negative markets make it difficult for buyers to identify short-term bullish trades due to the inability to sustain uptrends. However, it may be a good time for long-term investors to build their portfolios. According to a recent report by Amberdata, 24% of asset management companies appoint top-level executives dedicated to implementing digital strategies. In the future, 13% more companies plan to adopt cryptocurrency strategies.
Bitcoin has been trading near the $26,000 level for the past few days, indicating a battle between bulls and bears. Falling moving averages favor bears, but a positive divergence in the relative strength index indicates a decrease in selling pressure. The indicators do not provide a clear advantage to either bulls or bears. Therefore, it may be better to wait for the price to either stay above $26,500 or drop below $24,800 before making significant investments.
Bitcoin Price Future!
If bulls surpass the $26,500 barrier, the BTC/USDT pair could rise to the $28,143 general resistance. On the other hand, a drop below $24,800 could pave the way for a collapse to $20,000. The price is trading near the moving averages on the 4-hour chart, indicating indifference from both bulls and bears. This narrow-range trading is unlikely to continue for an extended period and may lead to an expansion in the range in the next few days.
On the upside, a rise above $26,500 could indicate an advantage in favor of buyers. This could initiate a rise towards $27,600 and eventually $28,143. Alternatively, if the price falls below $25,300, selling pressure may increase, and the pair could retest $25,166, the intraday low of August 17.
