{"id":29403,"date":"2024-09-17T21:00:32","date_gmt":"2024-09-17T18:00:32","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=29403"},"modified":"2024-09-17T14:51:19","modified_gmt":"2024-09-17T11:51:19","slug":"bitcoin-investors-say-its-too-early-to-say-btc-price-bottomed","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-investors-say-its-too-early-to-say-btc-price-bottomed\/","title":{"rendered":"Bitcoin Investors Say It\u2019s \u2018Too Early\u2019 to Say BTC Price Bottomed"},"content":{"rendered":"

Bitcoin\u2019s 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.<\/p>\n

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. \u201cLosing the 21-Day MA is not good, but closing above the 50-Week MA is much more important to me,\u201d Keith Alan, co-founder of trading resource Material Indicators, warned on the X platform during the US trading session.<\/p>\n

\"\"<\/p>\n

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. \u201cThe bull market summer swings have become regular,\u201d he told his followers. \u201cThe 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.\u201d<\/p>\n

Might interest you: What is Binance Seed Tag?<\/a><\/em><\/p>\n

Jelle reiterated the theory, also voiced by crypto investor and analyst Micha\u00ebl 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\u2019s price performance.<\/p>\n

Rager, in his assessment of the daily timeframes, said, \u201cPeople are pointing to the first \u2018high-low\u2019 level on the BTC chart. But people were saying the same thing in June,\u201d he said. \u201cThen Bitcoin got rejected from the midline of the trend and made a new low.\u201d 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. \u201cI\u2019m not saying there will be a new low here, but it\u2019s too early to say it\u2019s a bottom. The price got rejected again,\u201d he added.<\/p>\n

Crypto market sentiment takes a hit Bitcoin\u2019s 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 \u201cneutral\u201d to \u201cfear\u201d following a 4% decline in Bitcoin price.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s 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<\/p>\n","protected":false},"author":6,"featured_media":27877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,1766,8655,552],"class_list":["post-29403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-bitcoin-btc","tag-bitcoin-dip","tag-bitcoin-price"],"yoast_head":"\nBitcoin Investors Say It\u2019s \u2018Too Early\u2019 to Say BTC Price Bottomed - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-investors-say-its-too-early-to-say-btc-price-bottomed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Investors Say It\u2019s \u2018Too Early\u2019 to Say BTC Price Bottomed - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u2019s price performance has yet to convince commentators that Bitcoin is over the hump. 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