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Bitcoin price holds 200-day trend line as trader predicts low is in

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Bitcoin (BTC) is retaining this week’s positive factors, with some merchants doubling down on their bullish BTC value bets.

BTC/USD 1-hour chart with 200-day EMA. Supply: TradingView

Dealer: Bitcoin value might have bottomed

A key transferring common is buoying low-timeframe BTC value motion, which continues to protect $27,000, knowledge from Cointelegraph Markets Pro and TradingView exhibits.

Bitcoin might have retraced from its native highs above $28,000, however bears haven’t but sparked a full retrace of the transfer.

For some, that is more and more constructive information, as BTC/USD is now efficiently holding a long-term development line misplaced as help earlier in August.

This comes within the type of the 200-day exponential transferring common (EMA), at present at $27,180.

Some hourly candles closing under into Aug. 31 weren’t sufficient to spark a extra important breakdown, and Bitcoin is tightly hugging the 200-day EMA into the August month-to-month shut.

“Bitcoin is again above the day by day EMA 200-Line,” well-liked dealer Moustache advised X subscribers.

“Lots of people are ready for a greater entry, however I do not suppose it is going to occur.”

BTC/USD annotated chart with 200-day EMA. Supply: Moustache/X

That perspective contrasts strongly with the slew of extra bearish market takes from numerous well-known sources, a lot of which name for a return to $25,000 or lower.

Nonetheless optimistic, nonetheless, is fellow dealer Jelle, who likewise positioned significance on Bitcoin holding above $27,000.

“That is precisely what I need to see after an impulse. Spike up, shallow retrace, maintain at key HTF stage. Ship it greater,” he summarized on Aug. 30.

A subsequent update revealed plans for longs in preparation for BTC/USD “taking out” native highs.

BTC value outlooks diverge

As Cointelegraph reported, BTC value motion has yet to reclaim another bull market transferring averages from earlier within the month.

Associated: Bitcoin metric with ‘100% long hit rate’ predicts $23K BTC price floor

Dealer and analyst Rekt Capital, cautious within the present local weather, noted in a single day that a few of these are actually appearing as resistance.

BTC/USD annotated chart. Supply: Rekt Capital/X

Persevering with on the day, monitoring useful resource Materials Indicators likewise warned that Bitcoin may come full circle, and {that a} “resurgence in bullish sentiment” was required for a better native excessive.

Based mostly on indicators from its proprietary buying and selling instruments, Materials Indicators flagged $27,760 and $24,750 because the upside and draw back ranges to observe, respectively.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.