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Cryptogambling / Investors eye Bitcoin breakout at above $26,500

Investors eye Bitcoin breakout at above $26,500

Publish Date: 11/09/2023
a bitcoin sitting on top of a pile of gold nuggets - A single bitcoin surrounded by raw gold pieces. - unsplash

a bitcoin sitting on top of a pile of gold nuggets – A single bitcoin surrounded by raw gold pieces. – unsplash

Bitcoin has had a tight trading week, with the market displaying a lack of encouragement for cryptocurrencies. The token is predicted to create the third consecutive Doji candlestick pattern on the weekly chart, signifying the indecisiveness between buyers and sellers.

This suggests that the bulls and bears remain undecided, making it hard for traders to identify profitable opportunities. This led many asset management companies to take their Bitcoin investment strategies more seriously by appointing top-level professionals for the job.

Amberdata, a provider of digital asset data, reported that 24 percent of asset management firms in the U.S. and Europe had appointed senior executives dedicated to the implementation of digital asset strategies. Thirteen percent more firms plan to follow suit accordingly.

Is Bitcoin close to breaking out?

TradingView’s BTC/USDT four-hour chart reveals that Bitcoin has been close to the moving averages. It is possible that this limited-range trading will persist for a significant amount of time and prompt a range augmentation in the foreseeable future.

Although the RSI’s positive divergence signals that the selling pressures may be waning, investors are advised to wait until Bitcoin stabilizes itself above $26,500 or dips down to $24,800 prior to making significant investments. If the bulls manage to surmount the hindrance at $26,500, the Bitcoin price might ascend higher to the overhead resistance at $28,143. However, a decrease below $24,800 could probably cause an even more devastating tumble to $20,000.

Institutional crypto exchange LMAX Digital is confident that Bitcoin is getting closer to a breakout from the current range. The exchange attributed this to how tight the contraction has gotten in recent sessions. “Whenever ranges get too tight, it’s often a warning sign for a surge in volatility,” LMAX Digital said in a note.

Bullish possibilities among crypto market flux

The crypto market is in a state of flux, as Bitcoin and other altcoins range within tight parameters. The top five promising cryptocurrencies, led by Bitcoin at number 1, have been trading near the $26,000 level. Bitcoin’s fall has also dragged several altcoins along, with many now treading lows for several weeks.

Despite all of that, Toncoin (TON), Stellar (XLM), Monero (XMR) and Maker (MKR) are showing promise in the near term. TON has retreated to the 20-day exponential moving average (EMA), indicating purchase interest at decreased prices. XLM has ascended above the 20-day EMA and could aim a rally to $0.15 if the 50-day SMA is broken. XMR has maintained its uptrend line support in recent days, signifying demand at lower levels.

The long-term outlook

Bitcoin’s downward-sloping moving average may seem devastating to bulls. However, this could be an opportunity for others.

With a lack of enthusiasm from the market, Bitcoin now allows long-term investors to purchase cryptocurrencies at a reduced price. Investors who have a long-term outlook may deem this to be an ideal moment to construct their portfolios.

Negative markets tend to make it difficult for buyers to identify short-term bullish trades since rallies are often short-lived. Therefore, it is essential to carry out meticulous research and evaluation before investing or trading.

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