Bitcoin (BTC) Price Analysis for September 8
The cryptocurrency market is trading sideways today, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has increased by 0.65% over the last 24 hours.
On the hourly time frame, the price of Bitcoin (BTC) is trading closer to the support than to the resistance. If the situation does not change and the rate does not come back above the $26,000 zone soon, there is a high chance to see a test of the $25,652 level soon.
Bulls could not keep yesterday’s upward move going, which means that sellers keep controlling the situation on the daily chart. If today’s candle closes below the previous bar low, the energy should be enough for a support breakout.
All in all, it can lead to a decline to the $25,000 range within the next few days.
The picture on the weekly time frame is more positive, to a certain extent. However, it is too early to think about a possible upward move. In this case, sideways trading in the area of $25,500-$26,500 is the more likely scenario until the end of the month.
Bitcoin is trading at $25,846 at press time.