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Bitcoin (BTC) Price Analysis for September 10

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Sun, 10/09/2023 - 14:05
Bitcoin (BTC) Price Analysis for September 10
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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The situation has almost not changed on the cryptocurrency market as most of the coins remain in the red zone.

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BTC/USD

The rate of Bitcoin (BTC) has fallen by 0.29% over the last 24 hours.

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Image by TradingView

On the hourly chart, the price of Bitcoin (BTC) is returning to the recently formed support level of $25,755. If the situation does not change, the breakout may lead to a blast to the $25,700 zone soon.

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Today's candle is about to close below the previous bar low on the daily time frame. If that happens, there is a high chance to see a continued decline to the nearest support level of $25,350. Such a scenario is relevant until the end of the upcoming week.

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The situation is a little bit better on the weekly chart as the price of Bitcoin might have found the support level of $25,350. However, it is too early to think about a reversal as the rate has not accumulated enough energy for that yet.

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In this case, the more likely scenario is sideways trading in the area of $25,500-$26,500 for the next couple of days.

Bitcoin is trading at $25,783 at press time.

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