Bitcoin (BTC) Price Analysis for September 10



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The situation has almost not changed on the cryptocurrency market as most of the coins remain in the red zone.

Top coins by CoinMarketCap

The rate of Bitcoin (BTC) has fallen by 0.29% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of Bitcoin (BTC) is returning to the recently formed support level of $25,755. If the situation does not change, the breakout may lead to a blast to the $25,700 zone soon.

Image by TradingView

Today’s candle is about to close below the previous bar low on the daily time frame. If that happens, there is a high chance to see a continued decline to the nearest support level of $25,350. Such a scenario is relevant until the end of the upcoming week.

Image by TradingView

The situation is a little bit better on the weekly chart as the price of Bitcoin might have found the support level of $25,350. However, it is too early to think about a reversal as the rate has not accumulated enough energy for that yet.

In this case, the more likely scenario is sideways trading in the area of $25,500-$26,500 for the next couple of days.

Bitcoin is trading at $25,783 at press time.


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