According to Cointelegraph: In the ongoing absence of clear directional movement, Bitcoin continues to trade below $26,000, with a focus now shifting to various potential weekly closing levels. As per a trader called Skew, a critical point to watch is a weekly close above $25,900. Failing to hold this level could indicate a downward movement towards the previous weekly resistance of around $24.3k. Observers are closely monitoring these price points, as a bearish scenario could result in Bitcoin dipping below the $20,000 mark in the future.
Meanwhile, Keith Alan, co-founder of Material Indicators, argues that Bitcoin's market structure remains unchanged as it has neither experienced a confirmed breakout nor a confirmed breakdown. Alan highlights a crucial support zone to watch at $24,750, stating that Bitcoin could enter "bearadise" if the price is unable to maintain above this level. This comes amid an overall subdued trading period for the leading cryptocurrency.
The lack of volatility in the market had participants reminiscing about previous similar behavior observed during August's monthly close. As traders and investors keep an eye on the developments in the market, the outcomes of ongoing regulatory discussions, and fluctuating trading volumes, the current price pattern holds significance, with support and resistance zones grabbing their attention.
