Bitcoin BTC price is consolidating at $26,000 after an 18% drop. There is a possibility of a new rally. However, traders need to see Monday’s low of $25,800 before starting a rally. The principle target will be $27,418. On the other hand, the next target is the $29,000 level. However, there are also $ 24,500 levels on the cards. Let’s look at the details.
Where will the Bitcoin price go?
Bitcoin (BTC) price experienced a sudden surge on August 18. Afterwards, he returned to his intermittent movement. However, this movement will end at the beginning of a new week. Bitcoin (BTC) price dropped 18% between August 9 and August 17. Accordingly, he suffered a fatal setback. This sudden downtrend has tagged the critical support level at $25,000. However, investors who bought the dip seem to have pushed BTC to $26,000, where it is currently traded.
For Bitcoin BTC price to recover further, traders need to see Monday’s low of $25,800. On the other hand, exceeding $25,800 will be an important signal for traders to open a long position.
Recovery levels
A recovery above $26,430 will be an indication of continued bullish action. Targets at which investors can take profits include $27,418, the midpoint of the 18% collapse. On the other hand, there is also the recently broken trendline level of approximately $29,000.
In a highly volatile move, Bitcoin price will retest the $30,000 level. However, it is unlikely that BTC will continue on its way in these areas. While the bullish outlook makes sense, investors need to be cautious about macroeconomic policies this week. In the event of a sell-off on risky assets, Bitcoin price will trigger a rapid southward move. If BTC breaks below $24,586 on the four-hour timeframe, this development will invalidate the recovery thesis.
Markets will look to Powell’s statements
This week, there are warnings specifically for Friday. It is circulating that Powell’s statements will affect Bitcoin and cryptocurrencies. On the other hand, fears prevail in traditional markets. The possibility that the announcements will have a serious impact scares investors.
When we look at Kriptokoin.com, this week’s agenda is not expected to be problematic. However, it should not be forgotten that the market is also open to surprises.
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