Bitcoin (BTC) Price Analysis: September 25, 2020

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Animals Bear Fighting With Bull

Bitcoin (BTC) price started a good recovery from less than $ 10,139 against the US Dollar. BTC gained speed above the $ 10,550 resistance, but faces a major hurdle around $ 10,800. The leading cryptocurrency was trading at $ 10,602 at the time of writing.

Bitcoin managed to stay above the $ 10K support and started a good recovery. The price is currently trading above the $ 10,550 resistance and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $ 10,600 on the hourly chart of the BTC / USD pair (data feed from Kraken), according to popular analyst Aayush Jindal. The pair is currently facing strong resistance near the $ 10,800 level (previous support).

Bitcoin Price Gains Speed

After falling as low as $ 10,139, Bitcoin price started a good recovery against the US Dollar. BTC has overcome several key hurdles around $ 10,400 and $ 10,550 to move into a short-term positive zone. The recovery caused the price to move above the $ 10,550 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $ 10,600 on the hourly chart of the BTC / USD pair.

Bitcoin is currently testing the next key resistance near the $ 10,800 level. The next major support is near the $ 10,550 level and the 100 hourly simple moving average. The next support is around 10 thousand 464 dollars.

On the upside, the bulls are facing a major task near the $ 10,800 level. If they manage to clear the $ 10,800 resistance, the price is likely to rise towards $ 11,000 and $ 11,200.

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Are There Correction Signals in BTC?

If Bitcoin fails above $ 10,780 and $ 10,800, it could start a new decline. The first major support is seen near the $ 10,550 level and the 100 hourly SMA. A negative break below the 100 hour SMA could throw the bulls into the background. In the situation stated, price gains may decline and return to support of $ 10,200.


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