Is BTC Price Breakout Above $27000 Sustainable? – Crypto News – Crypto News
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Is BTC Price Breakout Above $27000 Sustainable? – Crypto News



A bullish breakout above $27000 and the 200-day EMA set the BTC price higher rally. Time to Buy?

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On 29th August, the BTC price broke free from two weeks of indecisive movement created within two downsloping trendlines. Today, the BTC price witnessed a massive inflow in response to a federal court verdict in favor of Grayscale over the U.S. Securities and Exchange Commission (SEC) for Bitcoin ETF. The bullish jump reclaimed the $27000 mark offering a suitable launchpad for further gain.

Also Read: Grayscale Victory: Expert Reveals What Comes Next for Bitcoin ETF

Bitcoin Daily Chart: Key Points

  • The bullish engulfing candle enveloped the last two weeks’ price action, indicating a significant candle for buyers to counterattack
  • A potential breakout above $29000 could set BTC up for a higher rally
  • The intraday trading volume in Bitcoin is $21.9 Billion, indicating a 7% loss.

BTC PriceSource- Tradingview

The August 29th bullish candle recorded a 6.35% gain and reached a high of $28180. This price jump offered a high momentum breakout of the immediate barrier of $27000 and also reclaimed the 200-day EMA.

However, the Bitcoin price did not offer a follow-up candle and showed a 1.8% intraday fall. If this minor pullback is sustained above the 200-day EMAs or $27000 the buyers will drive the bullish bounce 6.3% higher to reach the $29000 barrier.

The aforementioned barrier aligned with the high of the August 17th sell-off candle indicates the coin holders may witness an intense supply zone at this level. Therefore, the buyers must break above this resistance to get a suitable confirmation of price recovery.

Can BTC Price Fall Below $25000?

A keen look at the daily time frame chart shows the anticipated upswing in Bitcoin price could be a minor retest to the recently breached channel pattern on August 17th. The pullback may recuperate the exhausted selling momentum at $29000 to prolong the downtrend even below the $25000 psychological level. Therefore, the crypto holder must keep a close watch on the price behavior at overhead resistance.

  • Average Directional Index: A downtick in the daily ADX slope reflects the weaknesses of prevailing bearish momentum and a higher possibility of bullish recovery.
  • Exponential Moving Average: The recently reclaimed 50-and-200-day EMA can offer strong support for Bitcoin recovery.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.