Bitcoin Price Reverts September’s Progress—Anticipating Developments in the Upcoming Week

Crypto News- Looking at Bitcoin’s weekly chart, we see a recent bounce off a critical support zone at $24,800, a level that has alternated between being resistance and support since July 2022. However, the previous week’s attempt to rally, reaching as high as $27,486, concluded with a bearish close, raising doubts about the strength of the bull market.

Bitcoin Price Reverts September’s Progress—Anticipating Developments in the Upcoming Week

Currently, Bitcoin’s price hovers only 5% above the $24,800 level, while the closest resistance lies at $31,000, requiring a substantial 20% surge. The weekly Relative Strength Index (RSI) is inconclusive, residing just below the 50-line, although it maintains the bullish divergence trendline that originated in July 2022.

On the daily chart, we observe mixed signals. BTC recently managed to reclaim the $25,600 support level after a brief dip below it on September 11. However, it struggled to breach the descending resistance line originating from this year’s peak, facing rejection on September 19.

The daily RSI, mirroring the weekly pattern, hovers close to the 50-line. The bullish divergence trendline, providing support for the $25,600 area, remains intact, currently at around 41.

In the immediate future, Bitcoin’s course is contingent on whether it can break above the descending resistance line, potentially paving the way for a 10% ascent to $29,250, or if it dips below the $25,600 support, risking a decline to $24,800.