Bitcoin (BTC) showed signs of consolidation on September 15, with analysis describing recent price behavior as "textbook." Despite hints of stubborn inflation in the United States, Bitcoin joined traditional markets in heading higher. The largest cryptocurrency focused on $26,600, just below a key breakout level.
Hopeful Outlook for BTC/USD
Michaël van de Poppe, founder and CEO of trading firm Eight, expressed hope that BTC/USD would avoid new lows. In a dedicated post on X (formerly Twitter), Van de Poppe highlighted the potential for a bullish breakout, but emphasized the need to avoid retesting the lows. He pointed to Germany's Deutsche Bank applying for a crypto custody license and identified $25,000 as a level for bulls to steer the market away from.
200-Week EMA Provides Support
Despite remaining below key moving averages, Bitcoin continues to find support at the 200-week exponential moving average (EMA). Van de Poppe noted that this EMA has acted as support since March, making it an important feature at the start of any bull market. He expressed optimism about the current cycle and highlighted $26,800 as a crucial level to break through.
Past Year's Price Action Signals Upside Potential
Trading resource Stockmoney Lizards took a long-range view and compared the past year's price action to an extended "accumulation" phase using the Wyckoff method. They identified a "Spring" in January, followed by a breakout in March and a second throwback. This behavior aligns with the Wyckoff method and suggests the potential for a new uptrend or a return to a previous higher trading range.
Note: This article does not provide investment advice or recommendations. Readers should conduct their own research and evaluate the risks involved before making any investment or trading decisions.
