Bitcoin is defying its critics once again as its price holds steady above the 200-day trend line. Traders are feeling bullish about the cryptocurrency, with some even predicting that the recent low may be the bottom. Despite a slight retracement from its highs, Bitcoin is still holding strong above the $27,000 mark, which is seen as a positive sign. While some market experts are calling for a return to $25,000 or lower, others remain optimistic about Bitcoin's potential for growth.
A key moving average supports Bitcoin's price
Bitcoin's low-timeframe price action has found support with the 200-day exponential moving average (EMA), currently at $27,180. This trend line, which was lost as support earlier this month, is now back in play. Traders are taking note of this development and are confident that Bitcoin will not drop below this level. The fact that Bitcoin has held above the 200-day EMA despite some hourly candles closing below it on August 31 is seen as a significant achievement.
Traders divided on Bitcoin's price outlook
While some traders are convinced that Bitcoin's price has hit its lowest point and will now start to climb, others remain cautious and believe that the cryptocurrency still has some hurdles to overcome. Some key moving averages from earlier in the month are acting as resistance levels, according to analyst Rekt Capital. In order for Bitcoin to reach a higher local high, a resurgence in bullish sentiment is needed, warns monitoring resource Material Indicators.
Investors urged to do their own research
It's important to note that this article does not provide investment advice or recommendations. Investing in Bitcoin, like any other investment, carries risks. It's crucial for readers to conduct their own research and analysis before making any decisions.
