Bitcoin bulls are likely to take a shot at the overhead resistance but the bears are unlikely to give up easily.
The failure of the bears to sink Bitcoin’s price below $25,000-support ignited buying interest last week. The positive momentum picked up further at the start of the new week and buyers are trying to sustain Bitcoin’s price above $27,000.
shows a 58% probability that the rates will remain at the current levels even in the December meeting.That could be one of the reasons why the strength in the United States dollar index has not adversely impacted the price of Bitcoin. However, traders need to be careful as the last ten days in September are known to favor the bears.
Alternatively, if the price turns down sharply from 106, it will suggest that bears are defending this level aggressively. A drop below the 20-day EMA could sink the price to the 50-day simple removing average . That could keep the price stuck between 101 and 106 for some more time.Bitcoin has maintained above the 20-day EMA since Sep. 14, indicating that the bulls have flipped the level into support.
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