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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 08, 2023 06:22 UTC
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BTC Price Analysis: Will Bitcoin Price Boost To $28K This Week?
With the lowest trading volume in 4 years in August, BTC price retests the $25K demand belt.
With bullish spikes fueled by RSI divergences, Bitcoin price manages to stay afloat at $25K.
The recent range breakout must overcome the bearish trendline for a meaningful outcome.
Following the sharp downfall in August, Bitcoin price is back at the $25K level, leading to a couple of range breakouts. Moreover, last month was extremely silent as the trading volumes fell to the lowest in the last four years.
With a death cross impending in the daily chart, BTC price action displays a relief rally attempt by bulls. However, the multiple bearish milestones in the 4-hour chart will be pivotal for Bitcoin.
Is Bitcoin Bullish in 4-Hour?
Despite a range breakout with the high sentiments of Bitcoin ETF, BTC price failed to surpass the resistance trendline. This is partly due to the SEC delaying the ETF dates, leading to a hopium shortage.
At present, Bitcoin price displays a similar breakout rally with a new bullish attempt to challenge the resistance trendline. Powered by the RSI divergence, the ongoing bounce back starts to display higher price rejection as it retests the bullish breakout.
Technical indicators:
RSI indicator: The RSI line displays a bullish divergence rally playing out, increasing the chances of the trendline breakout.
EMAs: The 50 and 200-day EMA are on the verge of a death cross that might push the BTC price to even lower levels.
Will Bitcoin Price Reclaim $28K?
With the ongoing recovery rally in the 4-hour chart, Bitcoin price displays a short-term improvement, teasing a prolonged uptrend. However, the trendline breakout is necessary for Bitcoin to sustain the bullish momentum. A breakout rally will fuel the Bitcoin drive to the $28K before reaching the $30K mark. It will also delay the death cross possibility.
On the flip side, a reversal from the resistance trendline will plunge Bitcoin back to the $25K mark. Nevertheless, it brings an opportunity for long-term holders to accumulate at lower levels.
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