Bitcoin price holds $26K as MKR, AAVE, RUNE and RNDR flash bullish signals

Bitcoin Poised for Positive Week

Bitcoin (BTC) is showing signs of ending the week on a positive note after forming successive Doji candlestick patterns on the weekly chart for the past three weeks. This indicates that the uncertainty between the bulls and bears is resolving to the upside.

The upcoming Federal Open Market Committee meeting on Sep. 20 could add to the volatility in the market. While most expect the Federal Reserve to maintain rates as is, surprises could arise during Federal Reserve Chair Jerome Powell's press conference following the rate decision.

Altcoins to Watch

Bitcoin's recovery from strong support near $24,800 has sparked interest in select altcoins and provided trading opportunities. For these altcoins to continue their upward trajectory, Bitcoin needs to sustain above $26,500.

Bitcoin Price Analysis

Bitcoin broke above the 20-day exponential moving average ($26,303) on Sep. 14, indicating that selling pressure is decreasing. The bulls have successfully defended against multiple attempts by the bears to pull the price below the 20-day EMA.

If buyers can push the BTC/USDT pair above the 50-day simple moving average ($27,295), it may face resistance at $28,143. However, the bears are likely to defend this level strongly. On the downside, if the price falls below the 20-day EMA, it could lead to a retest of the key support at $24,800.

Maker Price Analysis

In the case of Maker (MKR), buyers pushed the price above the 50-day SMA ($1,162) on Sep. 15, indicating that they are attempting to take charge. The MKR/USDT pair is now heading towards $1,370, where it may encounter resistance from the bears. A strong move above this level could act as a catalyst for further gains towards $1,759.

However, if the price falls below the 20-day EMA ($1,162), it suggests that the pair may trade within a wide range between $980 and $1,370 for some time.

On the 4-hour chart, the bulls remain in control, but the RSI indicator near the overbought territory suggests a minor correction or consolidation. The 20-EMA is a key level to watch for potential downside movement, as a break and close below it could signal a deeper correction towards the 50-SMA.

Conclusion

Bitcoin's positive momentum and its impact on select altcoins are giving traders opportunities to capitalize on market movements. However, the Federal Open Market Committee meeting and potential surprises during Powell's press conference could introduce further volatility. It remains to be seen whether Bitcoin's relief rally will continue and drive buying in altcoins.