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Bitcoin’s price performance has yet to convince commentators that Bitcoin is over the hump. While the crypto market has been negatively affected, Bitcoin held onto its short-term support on September 17. Bitcoin struggles with trend lines; investor confidence wanes According to data from Cointelegraph Markets Pro and TradingView, BTC price rose back to $58,000 during the Asian trading session.
Following a general sell-off during the Wall Street open the previous day, BTC/USD has entered a period of stabilization with the 21-day moving average (SMA) remaining as support. “Losing the 21-Day MA is not good, but closing above the 50-Week MA is much more important to me,” Keith Alan, co-founder of trading resource Material Indicators, warned on the X platform during the US trading session.
At the time of writing, the 21-day SMA was at $57,858, while the 50-week SMA was at $53,945. Meanwhile, popular investor Jelle noted that the 50-week exponential moving average (EMA) continues to act as market support, as it has for the past 20 months of the Bitcoin bull market. “The bull market summer swings have become regular,” he told his followers. “The previous two swings both ended with new highs in the third week of October. If the same scenario happens this time, we are less than a month away from new highs.”
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Jelle reiterated the theory, also voiced by crypto investor and analyst Michaël van de Poppe, that Bitcoin will return to price discovery next month. However, analyst Josh Rager noted that it is too early to be optimistic about Bitcoin’s price performance.
Rager, in his assessment of the daily timeframes, said, “People are pointing to the first ‘high-low’ level on the BTC chart. But people were saying the same thing in June,” he said. “Then Bitcoin got rejected from the midline of the trend and made a new low.” The chart shared showed the existence of a downward sloping channel since the last peak recorded in March, with regular lower highs and lows forming. “I’m not saying there will be a new low here, but it’s too early to say it’s a bottom. The price got rejected again,” he added.
Crypto market sentiment takes a hit Bitcoin’s volatile price action has led to a relapse in the overall crypto market sentiment. According to the latest data from the Crypto Fear & Greed Index, the index fell to 33/100 on September 17, a 17-point drop in just two days. This drop caused the market sentiment to shift from “neutral” to “fear” following a 4% decline in Bitcoin price.
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