Bitcoin (BTC) Price Prediction: Will BTC Break the $29,000 Barrier Soon?

Updated: 22 September 2023

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After spending most of this week above $27k, reaching out toward $27,500, the Bitcoin price finally dropped yesterday, September 21. The drop came after the coin spent several days fluctuating between $27k and $27.25k, its primary resistance preventing it from going up to $27,500.

As the price dropped, it encountered support at around $26.75k, briefly stopping the coin from sinking. However, the selling pressure was too intense, and the coin did not bounce back up. Instead, the bearish wave pushed further down, sending it to $26,400.

After sinking this low, the traders decided the coin was undervalued and started buying again. The price reflected this as a strong recovery, which took BTC back to a resistance of $26.65. The price has been trying to breach this level for about 15 hours but has been unsuccessful.

BTC lost 1.6% of its value in the last 24 hours, although it trades in the green every week. As for its volume, it saw a 5% increase in the previous day, currently at $13.75 billion.

As a result of the drop, the coin’s 14-day RSI fell below a support point at the 55.00 level. The price strength is 52.45, and experts believe it will reach 45.00. If this happens, chances are good that BTC will see an additional price drop that might take it to $26k.

It is worth noting that some believe that this is an excellent opportunity to take a long position. They think BTC will manage to breach the current resistance and move up to the one sitting around $27,096-$27,196.

Bitcoin Price Drops After Fed Announcement

Earlier this week, the US Federal Reserve (Fed) announced its decision regarding the rate hikes. The decision was that the rates would remain higher for longer, with the possibility of further changes in the final quarter of this year.

The decision is believed to have been the main reason behind Bitcoin’s price drop, even though the coin initially appeared as if it managed to shake off the news with no visible reaction.

Instead, the response seemed delayed, and the price dropped slightly later than expected.

Santiment Says that the Price Surge Might Continue

On the positive side, blockchain analytics platform Santiment said that the odds are good that Bitcoin will soon return. According to the company, one factor could make this happen. The platform noted that BTC saw a lot of short interest on two major exchanges.

Bitcoin traders are aggressively shorting on Deribit and Binance, making potential liquidations more likely to boost prices. BTC’s price is +4% since the increase in shorting began to appear last week. This has a good probability of continuing.

📊 #Bitcoin traders are aggressively shorting on both #Deribit and #Binance, making potential liquidations more likely to boost prices. $BTC's price is +4% since the increase in shorting began to appear last week. This has a good probability of continuing. https://t.co/c8eTpAxIoP pic.twitter.com/8REpjp2rtx

— Santiment (@santimentfeed) September 20, 2023

It is also worth remembering that September, historically the worst month for crypto prices, is nearing its end. With Q4 2023 only days away, the bullish sentiment may return in days and weeks.

Bitcoin BSC Presale Hits a $4 Million Milestone

While all eyes are monitoring Bitcoin’s performance, those unwilling to make a move now have found a different version of Bitcoin to try out. Bitcoin BSC (BTCBSC) is a new BEP-20 token recently emerging on the Binance Smart Chain.

The token allows its users to buy Bitcoin as it did in 2011. At the time, its price was only $1, so now, BTCBSC sells for $0.99. The token attracted massive interest, reaching its soft cap of $3.96 million in less than two weeks.

Since then, it also hit the $4 million milestone. Now, the project is trying to sell the entire portion of the supply set aside for the presale, hoping to raise $6.06 million. Those interested in buying the token can get it in exchange for BNB, USDT, or ETH.

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