Bitcoin (BTC) has officially dipped below the $26,000 level and is currently trading at $25,800, which coincides with its 200-week Exponential Moving Average (EMA). This EMA has served as a crucial support level, as it played a role in Bitcoin’s rebound on June 15, leading to its yearly high of $31,800. Bitcoin Consolidation Conundrum The current situation appears to be slightly different for BTC. On the one hand, Bitcoin has been experiencing an extended consolidation phase just above this significant level for over seven days. Related Reading: Chainlink Price Prediction For September: Buy LINK Now? More concerning is that the cryptocurrency has been forming lower lows during this consolidation, indicating a downward pressure trend. Moreover, during Bitcoin’s rally on June 15, it had the advantage of holding its key 200-day Moving Average (MA), which has been influential in determining its prospects and upward gains. However, this same moving average presents a potential hurdle for BTC, acting as a resistance at the $27,100 level, potentially impeding a recovery rebound. As highlighted by crypto market analyst Michael Van De Poppe, the cruci ..
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