Introduction:

Bitcoin, the flagship cryptocurrency, is currently priced at $26.5K, setting the stage for a potential weekly gain. Despite a recent dip, Bitcoin has managed to hold its ground, displaying resilience amidst concerns surrounding the cryptocurrency exchange FTX’s impending sale of digital assets, including a significant stash of Bitcoin. The crypto market continues to be characterized by rapid reversals, emphasizing the cautious sentiment among traders and investors. In this update, we delve into Bitcoin’s latest price movements and their implications, while also taking a brief look at Ethereum and Ripple in the crypto landscape.

Bitcoin:

With Bitcoin at $26.5K, a weekly gain is expected, although rallies may still be sold.

During Friday’s U.S. trading hours, the price of bitcoin (BTC) was slightly lower, but at $26,500, it is still higher than a week ago.

Because of concerns that the bankrupt cryptocurrency exchange FTX will soon start selling all its digital assets, including more than $500 million worth of bitcoin, the cryptocurrency started the week with significant losses, falling below $25,000 for the first price since mid-June.

Since about four months ago, the main trend in Bitcoin and cryptocurrency in general has been how quickly even small advances upward may be reversed.

As this week’s FTX news shows, there are still many sellers hoping to profit from rallies even if it doesn’t currently appear that any entities are interested in dumping digital assets on the market in large quantities.

Technical Overview:

Moving Averages:

Exponential:

• MA 5: 26321.82 | Positive Crossover | Bullish
• MA 20: 26260.95 | Positive Crossover | Bullish
• MA 50: 27085.72 | Negative Crossover | Bearish

Simple:

• MA 5: 26357.57 | Positive Crossover | Bullish
• MA 20: 26105.76 | Positive Crossover | Bullish
• MA 50: 27383.88 | Negative Crossover | Bearish

RSI (Relative Strength Index): 50.96 | Buy Zone | Bullish

Stochastic Oscillator: 96.64| Buy Zone | Neutral

Resistance And Support Levels: 

• R1: 26632.59 | R2: 27969.65
• S1: 25683.71 | S2: 24734.82

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 26934.51 | Take Profit: 27969.65 | Stop Loss: 26244.41.

Elsewhere In the Crypto Market.

The price of Ethereum (ETH) found support around $1,552, rising 5% to its current level of $1,630, Ripple (XRP) has experienced a change in momentum toward the downside, breaking below its crucial 200-day Moving Average (MA) at about $0.51.

Bitcoin is lower (0.23%) at 26541.30, Ethereum is down (0.41%) at 1,635.73, Litecoin is down (1.59%) at 64.84, Solana up (1.16%) at 19.12, Doge coin up (0.96%) at 0.62.

Key Economic Events & Data Release for Upcoming Week:

((USD) Fed Interest Rate Decision (Wednesday).

(USD) FOMC Press Conference (Thursday).