Bitcoin chart highlights $24.7K as analyst says ‘nothing has changed’ <div class="post__block post__block_lead-text" data-v-2649fa34><p itemprop="description" class="post__lead" data-v-2649fa34> Bitcoin has neither broken out nor down, but the status quo still includes the risk of a trip to BTC price “bearadise.“ </p></div><div class="post-cover post__block" data-v-2649fa34><div class="post-cover__wrp"><div class="lazy-image post-cover__image lazy-image_immediate"><span class="pending lazy-image__pending pending_dark"><span class="pending__runner"></span></span><picture><source media="(min-width: 1200px)" srcset="https://images.cointelegraph.com/images/717_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 1x, https://images.cointelegraph.com/images/1434_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 2x"><source media="(min-width: 992px)" srcset="https://images.cointelegraph.com/images/587_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 1x, https://images.cointelegraph.com/images/1174_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 2x"><source media="(min-width: 768px)" srcset="https://images.cointelegraph.com/images/638_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 1x, https://images.cointelegraph.com/images/1276_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 2x"><source media="(min-width: 480px)" srcset="https://images.cointelegraph.com/images/747_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 1x, https://images.cointelegraph.com/images/1494_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 2x"><img srcset="https://images.cointelegraph.com/images/480_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 1x, https://images.cointelegraph.com/images/960_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg 2x" src="https://images.cointelegraph.com/images/1434_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgzNjEyMjgtNmI3OC00ZDgwLWFiNjctZThlZTNkNGNjZTQ5LmpwZw==.jpg" alt="Bitcoin chart highlights $24.7K as analyst says ‘nothing has changed’" class="lazy-image__img type:primaryImage"></picture><!----></div><span hidden="hidden" class="post-cover__badge"> Market Update </span></div><!----></div><!----><!----><div class="post__socials-block post-socials_EpBtt" data-v-2649fa34><h3 class="post-socials__title_WEFcI">Join us on social networks</h3></div><div class="post__content-wrapper" data-v-2649fa34><!----><div class="post-content" data-v-2649fa34><p>Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) stayed below $26,000 into the Sep. 3 weekly close as analysis brushed off overly bearish trader sentiment.</p><figure><img src="https://s3.cointelegraph.com/uploads/2023-09/02d12555-f635-4fdc-9875-a0e3f52ea04f.png"><figcaption><em>BTC/USD 1-day chart. Source: TradingView</em></figcaption></figure><h2>BTC price weekly close puts $25,900 in focus</h2><p>Data from <a href="https://pro.cointelegraph.com/?via=markets&_ga=2.173325223.503936973.1685953699-1136475544.1627545224">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC price avoiding volatility over the weekend, operating in a tight $200 range.</p><p>An absence of direction provided a solid sense of deja vu for market participants, with <a href="https://cointelegraph.com/news/september-crash-5-things-bitcoin-btc-price-this-week" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/september-crash-5-things-bitcoin-btc-price-this-week/amp">similar behavior seen</a> toward the August monthly close.</p><p>With all traces of last week’s <a href="https://cointelegraph.com/news/bitcoin-risks-23k-dive-btc-price-loses-11-august" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-risks-23k-dive-btc-price-loses-11-august/amp">two volatility events</a> — involving crypto asset manager Grayscale and United States regulators — erased from the charts, traders weighed the impact of various potential weekly close levels.</p><p>“In terms of market structure, yet to see a candle body close below June HL or $25.9K,” popular trader Skew <a href="https://twitter.com/52kskew/status/1698239597929730457/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in part of an X (formerly Twitter) thread.</p><p>Skew referenced a higher low (HL) below $25,000, with $25,900 as the key line in the sand to reclaim this week.</p><p>“This is important because if 1W close is below and price trades this area as resistance early into next week, That would imply a move lower towards previous 1W resistance ~ $24.3K,” he added.</p><figure><img src="https://s3.cointelegraph.com/uploads/2023-09/d1fa896e-18e6-456c-863e-61cbb04ea14e.jpeg"><figcaption><em>BTC/USD annotated chart. Source: Skew/X</em></figcaption></figure><p>Looking further ahead, a “bearish scenario” could put sub-$20,000 levels back in play. A bullish revival, involving a reclaim of $26,000 and continuation for a Q4 higher low, was “less likely,” Skew predicted.</p><h2>Bitcoin “bearadise” threat remains</h2><p>Summarizing last week’s events, Keith Alan, co-founder of monitoring resource Material Indicators, cautioned over categorical pronouncements on how bullish or bearish Bitcoin really is.</p><p><strong><em>Related: <a href="https://cointelegraph.com/news/bitcoin-rsi-showdown-btc-price-new-2-week-low" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-rsi-showdown-btc-price-new-2-week-low/amp">Bitcoin lines up RSI showdown as BTC price slips toward new 2-week low</a></em></strong></p><p>Volatility up and down, respectively, had come from Grayscale’s legal victory over the Securities and Exchange Commission (SEC), followed by the latter’s delaying a decision on the first U.S. Bitcoin spot price exchange-traded funds (ETFs). </p><p>Under the hood, however, Bitcoin market structure has not undergone any fundamental overhaul, Alan argued.</p><p>“On the the first day of the September Monthly candle volatility continues as traders who seem to have forgotten ‘the trend is your friend’ are clinging on to hopium and fighting over BS narratives that fit their bias,” he wrote in part of an X <a href="https://twitter.com/KAProductions/status/1697723307708014828/photo/1" target="_blank" rel="noopener nofollow">post</a> on Sep. 2. </p><blockquote>“The reality is NOTHING HAS CHANGED, because neither a breakout nor a breakdown has been technically confirmed or invalidated.”</blockquote><p>Repeating an existing theory, Alan continued that $24,750 <a href="https://cointelegraph.com/news/bitcoin-bearadise-20k-back-btc-price-target" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-bearadise-20k-back-btc-price-target/amp">was the support zone to watch</a>, with Bitcoin “bearadise” at risk of entering should it fail.</p><p>An accompanying chart showed the BTC/USD order book on Binance, with buy liquidity increasing immediately below spot price at the $24,750 zone of interest.</p><figure><img src="https://s3.cointelegraph.com/uploads/2023-09/03502493-b446-4ae4-9fff-b5a4645e2bb2.jpeg"><figcaption><em>BTC/USD order book data for Binance. Source: Keith Alan/X</em></figcaption></figure><p class="post-content__disclaimer">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.
</p><template data-name="subscription_form" data-type="markets_outlook"></template>









</div><!----><!----><div class="reactions_3eiuR" data-v-2649fa34><button class="reactions--button_NhAhG"><svg width="24" height="24" viewBox="0 0 24 24" fill="none"><path d="M21 3V0.5C21 0.223858 20.7761 0 20.5 0H19.5C19.2239 0 19 0.223858 19 0.5V3H16.5C16.2239 3 16 3.22386 16 3.5V4.5C16 4.77614 16.2239 5 16.5 5H19V7.5C19 7.77614 19.2239 8 19.5 8H20.5C20.7761 8 21 7.77614 21 7.5V5H23.5C23.7761 5 24 4.77614 24 4.5V3.5C24 3.22386 23.7761 3 23.5 3H21Z" fill="black" /><path d="M21 12C21 16.9706 16.9706 21 12 21C7.02944 21 3 16.9706 3 12C3 7.02944 7.02944 3 12 3C12.5491 3 13.0868 3.04918 13.6088 3.14338C13.8386 3.18485 14 3.38876 14 3.62227V4.6194C14 4.95387 13.6774 5.194 13.3492 5.1299C12.9126 5.04466 12.4615 5 12 5C8.13401 5 5 8.13401 5 12C5 15.866 8.13401 19 12 19C15.866 19 19 15.866 19 12C19 11.5385 18.9553 11.0874 18.8701 10.6508C18.806 10.3226 19.0461 10 19.3806 10H20.3777C20.6112 10 20.8151 10.1614 20.8566 10.3912C20.9508 10.9132 21 11.4509 21 12Z" fill="black" /><path d="M8.5 12C9.32843 12 10 11.3284 10 10.5C10 9.67157 9.32843 9 8.5 9C7.67157 9 7 9.67157 7 10.5C7 11.3284 7.67157 12 8.5 12Z" fill="black" /><path d="M12 14.9998C11.0428 14.9998 10.3956 14.6246 9.97685 14.2525C8.54647 12.981 7.2289 14.4858 8.64815 15.7473C9.35444 16.3751 10.4572 16.9998 12 16.9998C13.5428 16.9998 14.6456 16.3751 15.3519 15.7473C16.7737 14.4835 15.4635 12.9722 14.0231 14.2525C13.6044 14.6246 12.9572 14.9998 12 14.9998Z" fill="black" /><path d="M17 10.5C17 11.3284 16.3284 12 15.5 12C14.6716 12 14 11.3284 14 10.5C14 9.67157 14.6716 9 15.5 9C16.3284 9 17 9.67157 17 10.5Z" fill="black" /></svg><p class="reactions--button-text_N11-8"> Add reaction </p></button><!----></div><!----><!----></div><p><strong><a href="https://blockads.fivefilters.org">Adblock test</a></strong> <a href="https://blockads.fivefilters.org/acceptable.html">(Why?)</a></p>