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Bitcoin (BTC) trades within a significant zone with the 20-day Simple Moving Average (SMA) frustrating any recovery efforts. Buyers have attempted to break the big crypto out of consolidation twice in the recent past but the rallies were curtailed by profit-taking.
This points to a push-and-pull between the buyers and sellers about who should determine the next move Bitcoin should take.
Crypto trader and analyst Rekt Capital reiterated this sideways movement by BTC. In a Sep. 8 post on X, the Elon Musk-owned social media platform, the analyst said that Bitcoin is going to continue oscillating around $26,000 until the end of the week.
#BTC is going to see-saw around ~$26k until the Weekly Close
Most important will be how $BTC Weekly Closes relative to $26k#Crypto #Bitcoin https://t.co/nX7mQ1Nb38 pic.twitter.com/JNdPfbrjCD
— Rekt Capital (@rektcapital) September 8, 2023
In his post, s/he included a double-top chart pattern on the weekly chart which would spell doom for the price of Bitcoin if it is confirmed.
According to the analyst, the “Double Top will simply NOT be validated” if the largest cryptocurrency by market capitalization holds above the $26,000 psychological level.
Key events to watch in September include the decision by the U.S. Securities and Exchange Commission on the Bitcoin ETF applications submitted to the agency.
Meanwhile, the race for Ethereum exchange-traded funds applications has started with Cathie Wood’s Ark Invest and VanEck, making filings on Sep. 6.
Could Bitcoin abandon the sideway’s price action to begin a sustained recovery?
Bitcoin’s Recovery Could Take it 23% Higher
After losing the support provided by the $29,000 psychological level on Aug. 17, bears took control of the Bitcoin price. This saw the pioneer crypto drop 10% to set a swing low at $25,2350. Since then, BTC has been see-sawing within a tight range stretching from $25,300 to $26,400.
BTC tried to break from consolidation on Aug. 29, but it turned out to be a bull trap. Sellers booked profits on the rally to $28,000 causing Bitcoin to drop 8%, taking it back into the range.
Another attempt was made on Sep. 9 which saw the price rise to reach the 20-day Simple Moving Average (SMA) at $26,175, but the buyers were not strong enough to overcome this barrier. This suggested that the bears are aggressively defending the 20-day SMA level.
On the other hand, the ability of the bulls to defend the crucial support at $25,000, suggests that sellers are weak at lower levels. The Stochastic RSI has formed a positive divergence on the daily chart, indicating that the bullish momentum is building up. The price strength at 56 suggested that the buyers had begun returning to the market.
BTC/USD Daily Chart
The first sign of strength would be a break above the 20-day SMA and a decisive close above the upper limit of the range at $26,400. That clears the path for a sustained recovery toward the 50-day and 100-day SMAs currently sitting at $27,810 and $28,344 respectively.
Shattering these roadblocks would see Bitcoin rise toward the year-to-date high of $31,818. This would represent a 23% climb from the current price. Note that the bellwether crypto displayed a similar rally in mid-June when it climbed from the current demand zone, staging a 26% uplift toward the 2023 high. If history repeats itself, a similar scenario might play out.
On the contrary, if the support at $25,300 crumbles, the Bitcoin price could embark on a fresh downtrend. The minor support at $24,000 may not arrest the decline. The crypto could eventually revisit the key support at $20,000.
BTC Alternatives
As investors await to see which direction Bitcoin will take, they may look into a new cryptocurrency in presale with the potential to make 10x returns in 2023.
One such crypto is Bitcoin BSC (BTCBSC), whose presale has raised more than $345,000 just a few days after launch.
Bitcoin BSC (BTCBSC ) is an innovative project that takes us back in time, allowing crypto investors to buy a BTC close at a cheaper price.
BTCBSC’s unique selling point is that it shares similarities with the world’s first crypto, Bitcoin while adding some cool features like staking rewards, eco-friendly mining practices, and integration with decentralized apps (dApps).
Bitcoin BSC’s total supply is fixed at 21 million tokens, just like the original Bitcoin. The presale offers 29% of this (6.125 million $BTCBSC tokens) at just $0.99 per token. This is like going back to April 2011, when the price of Bitcoin was less than $1.
While Bitcoin BSC is similar to Bitcoin regarding tokenomics and overall supply, there are some key differences. The first is that the BTCBSC is built on the BNB Chain, which uses a proof-of-stake (PoS) consensus mechanism.
https://twitter.com/Bitcoinbsctoken/status/1700116857372512285?s=20
The second difference is that it provides staking rewards released every 10 minutes under the same schedule as Bitcoin block rewards. BTCBSC’s rewards are anticipated to surpass those of other PoS platforms, such as Ethereum, Solana, and Cardano, with 4-5%, 6-7%, and 5-10% rewards, respectively.
Those interested in buying BTCBSC can visit the project’s presale website here, connect their wallets and buy the tokens using Ethereum, Tether’s USDT or Binance Coin (BNB).
https://twitter.com/Bitcoinbsctoken/status/1700177299092463689?s=20
Bitcoin BSC (BTCBSC) emerges as an attractive alternative for those who missed the opportunity to acquire Bitcoin in its earlier stages. BTCBSC distinguishes itself from other Bitcoin forks by presenting a unique expansion strategy and competitive features.
Experts in the field are starting to recognize its potential, making it a project worth monitoring as 2023 comes to a close.
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