To start a more sustainable recovery wave, the digital currency needs to settle above $26,600
Bitcoin holds steady this week, oscillating above the $26,000 figure, with bullish bias dominating the market these days. During the previous session, the BTCUSD pair briefly rallied to $26,800 before retreating. Still, the coin managed to hold in positive territory, trading around $26,500 on Thursday.
As such, the largest cryptocurrency by market capitalization failed to settle above $26,800 as the bears defended more gains. As a result, there was a strong rejection pattern. Now, the immediate resistance on the upside is near the $26,500 level which is close to the 50% Fib retracement level of the downward move from the yesterday’s $26,800 swing high.
To start a more sustainable recovery wave, the digital currency needs to settle above $26,600. In this scenario, the price could extend gains toward the $27,000 psychological level, followed by the $27,400-$27,500 zone. On the downside, the nearest support now arrives around $26,100 and the $26,000 figure that capped bearish attempts at the start of the week.
Now that BTC trades above $26,000, more traders expect the price to return to the $30,000 level in the coming weeks. However, the cryptocurrency may lack decisiveness amid persisting global uncertainty and high interest rates.
Besides, there are some industry concerns now. As such, the SEC delayed the 21Shares Spot Bitcoin ETF decision. Earlier in the week, the Commission extended the time to decide on ARK Invest ETF application until January 10, 2024. Interestingly, the SEC had until November 11 before making this decision.
In a wider picture, bitcoin remains in consolidation mode since spring, looking indecisive in September after two bearish months in a row. Still, the coin has settled well above the lows seen below $16,000 nearly one year ago.