{"id":145098,"date":"2023-09-01T14:56:41","date_gmt":"2023-09-01T09:26:41","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=145098"},"modified":"2023-09-01T14:56:41","modified_gmt":"2023-09-01T09:26:41","slug":"bitcoin-price-holds-200-day-trend-line-as-trader-predicts-low-is-in-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-holds-200-day-trend-line-as-trader-predicts-low-is-in-crypto-news\/","title":{"rendered":"Bitcoin price holds 200-day trend line as trader predicts low is in – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

Bitcoin (BTC<\/a>) is retaining this week\u2019s gains, with some traders doubling down on their bullish BTC price bets.<\/p>\n

BTC\/USD 1-hour chart with 200-day EMA. Source: TradingView<\/em><\/figcaption><\/figure>\n

Trader: Bitcoin price may have bottomed<\/h2>\n

A key moving average is buoying low-timeframe BTC price action, which continues to preserve $27,000, data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows.<\/p>\n

Bitcoin may have retraced from its local highs above $28,000, but bears have not yet sparked a full retrace of the move.<\/p>\n

For some, this is increasingly positive news, as BTC\/USD is now successfully holding a long-term trend line lost as support earlier in August.<\/p>\n

This comes in the form of the 200-day exponential moving average (EMA), currently at $27,180.<\/p>\n

Some hourly candles closing below into Aug. 31 were not enough to spark a more significant breakdown, and Bitcoin is tightly hugging the 200-day EMA into the August monthly close.<\/p>\n

\u201cBitcoin is back above the daily EMA 200-Line,\u201d popular trader Moustache told X subscribers. <\/p>\n

\u201cA lot of people are waiting for a better entry, but I don’t think it’s going to happen.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart with 200-day EMA. Source: Moustache\/X<\/em><\/figcaption><\/figure>\n

That perspective contrasts strongly with the slew of more bearish market takes from various well-known sources, many of which call for a return to $25,000 or lower<\/a>.<\/p>\n

Still optimistic, however, is fellow trader Jelle, who likewise placed significance on Bitcoin holding above $27,000.<\/p>\n

\u201cThis is exactly what I want to see after an impulse. Spike up, shallow retrace, hold at key HTF level. Send it higher,\u201d he summarized<\/a> on Aug. 30.<\/p>\n

A subsequent update<\/a> revealed plans for longs in preparation for BTC\/USD \u201ctaking out\u201d local highs.<\/p>\n

BTC price outlooks diverge<\/h2>\n

As Cointelegraph reported, BTC price action has yet to reclaim<\/a> some other bull market moving averages from earlier in the month.<\/p>\n

Related:\u00a0Bitcoin metric with \u2018100% long hit rate\u2019 predicts $23K BTC price floor<\/a><\/em><\/strong><\/p>\n

Trader and analyst Rekt Capital, cautious in the current climate, noted<\/a> overnight that some of these are now acting as resistance.<\/p>\n

BTC\/USD annotated chart. Source: Rekt Capital\/X<\/em><\/figcaption><\/figure>\n

Continuing on the day, monitoring resource Material Indicators likewise warned<\/a> that Bitcoin could come full circle, and that a \u201cresurgence in bullish sentiment\u201d was required for a higher local high.<\/p>\n

Based on signals from its proprietary trading tools, Material Indicators flagged $27,760 and $24,750 as the upside and downside levels to watch, respectively.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) is retaining this week\u2019s gains, with some traders doubling down on their bullish BTC price bets. BTC\/USD 1-hour chart with 200-day EMA. Source: TradingView Trader: Bitcoin price may have bottomed A key moving average is buoying low-timeframe BTC price action, which continues to preserve $27,000, data from Cointelegraph Markets Pro and TradingView shows. […]<\/p>\n","protected":false},"author":2,"featured_media":145099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-145098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/145098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=145098"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/145098\/revisions"}],"predecessor-version":[{"id":145785,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/145098\/revisions\/145785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/145099"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=145098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=145098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=145098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}