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BTC: Bears tumble

2023-09-01
712
Fundamental analysis:

Bitcoin remains volatile near 26016. Investment bank Berenberg said that based on concerns about the spot Bitcoin market, the U.S. Securities and Exchange Commission (SEC) is likely to prepare alternative arguments to justify the continued rejection of spot Bitcoin exchange-traded fund applications.

Bitcoin BTCUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, and the market as a whole continues to decline. The MACD indicator is in the bull zone and has moved down to hover near the 0 axis. The RSI indicator is weakly consolidating below the 50 equilibrium line;

Resistance level: 26454 26726

Support level: 25756 25515

Trading strategy: Bearish below 26183, target 25756 25515
Alternative strategy: bullish above 26183, target 26454 26726

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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