Bitcoin (BTC) has registered a strong bounce once again and is trading 3.62% up at $26,634 with a market cap of $519 billion. The BTC price shows strength on the technical charts with another possible move to $31,000 going ahead.
Popular crypto analyst Ali Martinez explained that the 3-day Bitcoin chart suggests a potential buy signal according to the TD Sequential indicator. If buying pressure for BTC increases, there’s a possibility of prices heading towards the middle or upper boundary of the channel, with targets at $28,000 or $31,000 in mind.
However, it’s important to keep a close eye on the TD Risk Line, especially at the $24,500 level, as it serves as a critical point for validation, says Martinez.
Currently, Bitcoin is trading slightly above the $26,500 support level, which was previously a resistance level, and it appears to be forming a double-top pattern as it stabilizes near the $26,800 resistance.
There’s a descending trend line at approximately $26,750 that may act as a barrier to Bitcoin’s upward movement. If Bitcoin manages to breach this trend line, its next target could be the $27,000 level.
Looking further ahead, the $27,600 level represents a substantial resistance point. If Bitcoin successfully surpasses this level, it may clear the path toward reaching the $28,000 milestone, and further to $31,000.
Key Events to Influence Bitcoin Price This Week
In the upcoming week, some key events will influence the Bitcoin price dynamics.
One major event to watch is on Wednesday, September 20th, when all eyes will be on the Federal Reserve’s announcement regarding the Federal Funds Rate, which is currently set at 5.50%.
On the same day, market observers will be closely monitoring the FOMC Economic Projections, FOMC Statement, and the subsequent FOMC Press Conference scheduled for 18:30. Any dovish or hawkish stance from the Fed can trigger significant volatility in traditional markets, with potential repercussions for the crypto market.
Moving on to Thursday, September 21st, attention will shift to the Unemployment Claims data, with analysts anticipating a slight increase to 222K from the previous 220K.
Concluding the week on Friday, September 22nd, investors will be keeping an eye on the Flash Manufacturing PMI and Flash Services PMI, with expectations set at 47.9 and 50.8, respectively. These indices provide insights into economic health and, if they deviate from expectations, can indirectly impact Bitcoin’s price by influencing market sentiment.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.