Bitcoin is “playing a mental game” because its price is hovering in a narrower range


The overall sentiment of the entire cryptocurrency market is one of the expectations on September 17, as the price of Bitcoin has traded in an increasingly narrow range in the past few days and appears to be coiling in preparation for action in some way.

Data from Cointelegraph Markets Pro with Transaction view Indicates the price of Bitcoin (Bitcoin) Friday’s trading price fluctuated between US$47,150 and US$48,150, as the market was relatively flat on the day due to the lack of any major progress or headlines.

BTC/USDT 1-day chart. source: Transaction view

A recent Delphi Digital report showed that the sudden drop in the price of Bitcoin last week caught the market by surprise, leading to a sharp drop in market sentiment from greed to fear. The price performance of BTC in the past week was a response to this. Traders cautiously re-entered the market. .

Fear and Greed Index and 7-day moving average.Source: Delphi Digital

The following are the views of analysts and traders on the recent price movements of BTC and the things that should be noted when the market enters the weekend.

Bullish flag on the 4-hour chart

An anonymous Twitter user “Pentoshi” gave a positive view on the price trend of Bitcoin. He posted the following tweet, emphasizing the formation of the bull flag on the 4-hour chart and the subsequent major support and resistance levels of $46,800 retest.

As Pentoshi mentioned, there are several upcoming developments that may lead to further bullish momentum in the market. The main one is that the U.S. Securities and Exchange Commission (SEC) must rule on an increasing number of Bitcoin ETF applications.

Pentoshi also suggested that if a breakthrough occurs and manages to regain the point of balance (PoB) of $49,380, this may be a signal that the market is about to start operating, making it an important level to watch.

Bitcoin is “playing a mental game” with the market

Crypto Twitter trader “Crypto_Ed_NL” provided further insight into Bitcoin’s price movement on the lower time frame chart. He described Bitcoin’s recent movement as “playing a mental game” with the market.

As highlighted in the provided chart, the price of BTC is now consolidating below $48,000 and has not yet provided signs of continuation, which shows that traders should be cautious because there is no guarantee of a higher breakthrough.

Having said that, Crypto_Ed_NL does not believe that this latest price correction is “the way we start a larger decline”, implying that it may go higher in the near future.

related: The analyst predicts that the Bitcoin price trend in the fourth quarter will be “explosive”, and the next stop for Bitcoin is 85,000 US dollars

Bitcoin is expected to close at higher weekly lows

Cryptocurrency analyst and pseudonym Twitter user “Rekt Capital” analyzed the price trend of Bitcoin on a higher weekly time frame chart. He stated that if it succeeds, Bitcoin is expected to obtain a favorable weekly closing price and new Higher weekly lows remain above US$46,300.

There is a clear support and resistance level near $48,930. This is the root cause of the current difficulty in breaking through. At present, BTC looks like it will continue to consolidate within the current range.

The overall cryptocurrency market value is now 2.129 trillion U.S. dollars, and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.