Bitcoin price has been struggling to break the resistance around $26,200 since late last week. Similar to most altcoins, the leading cryptocurrency has been in consolidation mode in recent sessions amid a dull market.
The crypto fear & greed index, which is a major measure of the investors’ sentiment within the cryptocurrency industry, was at a fear level of 40 on Tuesday. This is the same level as the previous session and just a slight improvement from last week’s fear level of 39. At the same time, it is an indicator that the risk appetite among investors have become even lower compared to the previous month when the index was at a neutral level of 49. The focus is largely on the Fed’s September meeting on 19th and 20th for further cues on interest rates.
Bitcoin price prediction
BTC/USD edged lower on Tuesday even as it remains range-bound as has been the case since late last week. This is after dropping to a two-week low on Friday. The crypto was at 25,685.93 as at the time of writing after hitting a low of 25,289.12 in the past week.
A look at its daily chart shows bitcoin price still trading below the 25 and 50-day exponential moving averages. Since mid-July when it hit a one-year high, the cryptocurrency has been hitting lower highs, further indicating that the bears are in control.
In the short term, I expect bitcoin price to remain below the once steady support zone of 28,000. In fact, for as long as the bulls fail to gain enough momentum to break this resistance, the bears will remain in control.
In particular, the range between 25,289.12 and 26,520.43 will be worth watching. Even with a rebound past the range’s upper border, the asset will likely face resistance at 27,019.04. Below the aforementioned support level, the bears will be striving to retest the three-month low hit in mid-June at 24,761.07.