Bitcoin Price Prediction: BTC Dips Slightly as Key US Economic Data Approaches

Updated: 27 September 2023

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The Bitcoin price is again trading in the red on both weekly and daily charts. In the past seven days, the coin has seen its price drop by 3.5%, going from $27.25k to $26.05k, at its lowest yesterday morning.

The first significant drop came on September 21, when BTC got rejected from $27.25k, sinking to $26.5k. At this point, many expected the support to send the coin soaring again.

While BTC did see small fluctuations that indicated that it might soon make a big move, its price eventually stabilized as the weekend started.

Over the weekend, BTC remained flat at around $26.55k, with only minor price movements. This changed late on Sunday, when it suddenly returned to $26.75k, only to drop to $26k by mid-Monday, September 25.

After this dip, the price recovered toward $26.5k by the end of the day, but it never reached this level.

A powerful resistance at $26.5k stopped the price’s recovery at around $26.4k. BTC then spent September 26 trying to get past this level, but it eventually dropped to $26.15k.

In the last 24 hours, the coin saw quite a bit of activity, fluctuating between $25.12k and $26.28k — a minor support and a minor resistance, but at this stage, both were more than strong enough to keep it from going beyond these levels.

In the early hours of Wednesday, September 27, Bitcoin first recovered from $26.12k to the resistance at $26.28k, but when its price was rejected, it did not sink back down. Instead, it only dropped to $26,220 before going up again, and it kept doing so over the last six hours.

At the time of writing, the coin is again recovering, trying to breach the $26.28k level, although it remains unknown whether it will manage to do so now.

On the other hand, analysts seem optimistic about the coin’s short-term future for several reasons.

The first of which is that September is at its end, and this being the worst month for crypto, historically speaking, the start of Q4 carries the promise of price growth for many experienced traders.

Some have also suggested that the coin can grow if it stays above $26k and even more so if it clears the resistance at $26.5k in the near term.

However, there have been some recent developments that could impact the coin’s price negatively.

US SEC delays Ark’s BTC ETF filing

The US Securities and Exchange Commission has just announced another delay in deciding Ark/21Shares ETF.

The regulator’s decision to delay it at this time confused many, given that the decision wasn’t due until November 11 of this year.

But, the SEC’s Tuesday filing says that the Commission designated January 10, 2024, as the date it will either approve or disapprove the filing.

This marks the absolute final deadline by which the securities watchdog must decide, according to its obligations and requirements.

Bitcoin BSC presale nearing its conclusion

While Bitcoin may be struggling with recovering from recent drops, it’s BEP-20 version that emerged recently is thriving. Binance Smart Chain recently saw the launch of the Bitcoin BSC (BTCBSC) presale, which seeks to offer users the ability to buy Bitcoin the way it was in 2011.

At the time, the coin’s price was only $1, and now, the presale sells it for $0.99 per unit.

Once it goes live, the token will likely attract a lot of attention, especially since its developers intend to offer staking services and release rewards every 10 minutes, which is also how Bitcoin mining rewards are being distributed.

Those interested in buying the token can do so in exchange for BNB, USDT, and ETH. However, the presale will only last until the tokens are sold out, which will happen when the project raises $6.06 million.

In other words, the presale will likely be concluded before the end of the week, thanks to the enormous popularity that BTCBSC has seen in the past three weeks.

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