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Bitcoin remained below $26,000 until the weekly closing on September 3rd, focusing on investor sentiment with a downward trend. As Bitcoin’s price continues to stay below $26,000, investors have concerns about the future. The lack of volatility and the importance of technical levels are at the top of market participants’ agenda.
Critical Resistance for Bitcoin Price
Data from TradingView shows that BTC price moved within a narrow range of $200, avoiding volatility over the weekend. The lack of volatility created a strong sense of déjà vu for market participants, similar to the behavior observed towards the August monthly closing.
Investors discussed the impact of various potential weekly closing levels as the traces of two volatility events involving Grayscale and US regulators were erased from the charts. Popular investor Skew commented in an X post:
“In terms of market structure, I haven’t seen a candlestick closing below the June closing or below $25,900 yet.”
Skew referred to a lower level below $25,000 and highlighted $25,900 as a key line to avoid such a drop this week.
“This is important because if the weekly closing is below and the price trades this area as resistance at the beginning of next week, it will mean a drop towards the previous weekly resistance, which is $24,300.”
Looking ahead, a bearish scenario could bring levels below $20,000 back into play. Skew predicted that a rise, including the recovery of $26,000 and the continuation of the lowest level of the fourth quarter, is less likely.
The Threat of Decline Persists for Bitcoin
Meanwhile, Keith Alan, co-founder of the crypto data analysis platform Material Indicators, warned about the actual rise or fall of Bitcoin, summarizing the events of the past week. Upward and downward fluctuations were caused by Grayscale’s legal victory against the Securities and Exchange Commission (SEC) and the subsequent delay of the SEC’s decision on the first US Bitcoin spot price exchange-traded funds. However, according to Alan, the structure of the Bitcoin market has not undergone a fundamental revision.
“The truth is that nothing has changed because neither a breakthrough nor a collapse has been technically confirmed or invalidated.”
Reiterating an existing theory, Alan stated that the support area to be monitored is $24,750 and that if it fails, there is a risk of a price drop. The attached graph shows the BTC/USD order book on Binance, with increasing buying liquidity just below the spot price of $24,750.
