Bitcoin must preserve support now, analysis says
Data from Cointelegraph Markets Pro and TradingView showed BTC price trajectory uncertain after briefly piercing $26,000 support.
Sideways weekend trading soon turned sour into the new week, and upset overnight meant that bulls were unable to recoup lost ground.
“Bitcoin failed to break through local resistance in the form of a descending trend line, and it looks like a little bearish right shoulder may form,” analyst BaroVirtual, an ambassador for on-chain data platform Whalemap, summarized.
BaroVirtual uploaded a daily chart snapshot to X (formerly Twitter), showing a potential head-and-shoulders formation about to conclude.
“If true, BTC risks falling into the $22,000-$20,000 range,” they added.
That perspective chimed with others already expecting a return toward the $20,000 mark — something absent from the BTC price charts for six months.
Popular trader and analyst Rekt Capital, who previously envisaged the possible reappearance of the low $20,000s as part of a breakdown from a double-top structure, now placed emphasis on holding current levels as support.
“Bitcoin could downside wick into the ~$25000-$26000 area on this current move down,” he wrote in part of fresh X analysis on Sept.
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Macro markets, meanwhile, opened to another potential headwind for Bitcoin and crypto — an unrelentingly strong U.S. dollar.
