- Bitcoin price is in an uptrend on the daily chart, but is likely to trend lower soon on the breakdown of $28,369.
- A daily candlestick close above $28,369 could extend the uptrend to retest the $32,000 resistance level.
- A breakdown of the $26,744 support level will invalidate the bullish trend on the daily time frame.
Bitcoin (BTC) price suffered a major pump-and-dump on Monday after false reports of a spot ETF approval. However, a short-term uptrend is in play in the daily time frame, and this could kick-start a pullback.
Read more: Bitcoin liquidity on Binance plummeted during the ETF rumor-induced market rollercoaster: Kaiko
Bitcoin price ready to make next move
Bitcoin (BTC) price has set up three higher highs in the last 50 days, with the most recent one still in formation. The ETF rumor pushed BTC to retest the $30,000 psychological level and it currently trades around the $28,369 support level. This is the midpoint of the $24,888 and the 31,850 range, formed between July 13 and September 11.
If Bitcoin price produces a daily candlestick close below the $28,369 support level, it would confirm the persistence of the downtrend that has been happening for the last 50 days. In such a case, bears can open a short position after a daily candlestick close below $28,369 and expect a higher low to be formed around $27,000.
Supporting this outlook is the bearish divergence produced by the last two swing points of Bitcoin price and the Relative Strength Index (RSI)
BTC/USD 1-day chart
On the other hand, if Bitcoin price produces a daily candlestick close above $28,369 and sustains above it, it would invalidate the pullback scenario on the daily time frame. In such a case, the uptrend could propel BTC to the $30,000 and $32,000 levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.