1. Bitcoin (BTC) closed the week below the $26,000 mark on September 3, 2023, despite some dismissive stances on overly pessimistic trader sentiment.
2. BTC exhibited minimal volatility over the weekend, maintaining a narrow range of $200.
3. The market behavior led to a sense of déjà vu among participants, resembling the lack of clear direction seen during the previous month's August closing.
4. Two major events from the previous week, involving Grayscale and U.S. regulators, that had the potential to induce volatility were largely erased from the charts.
5. Traders were closely monitoring the weekly closure, with a focus on the absence of a candle body closure below the Higher Low (HL) established in June, or below the $25.9K mark. A 1-week closure below this range could signal a potential move downward to the prior 1-week resistance at approximately $24.3K.
6. The article mentions a "bearish scenario" that could take BTC below $20,000, although it's met with skepticism regarding a bullish revival above $26,000 and maintaining a higher low into the fourth quarter of the year.
7. Keith Alan, co-founder of Material Indicators, cautioned against making definitive judgments on Bitcoin's direction due to recent volatility caused by Grayscale's legal victory over the SEC and the SEC's delay in judgment on U.S. Bitcoin spot price exchange-traded funds (ETFs).
8. Alan emphasized that the fundamental structure of the Bitcoin market remained unchanged, and no confirmed breakout or breakdown had occurred from a technical perspective.
9. He pointed to $24,750 as a crucial support zone to monitor and noted increased buy liquidity just below that level on the BTC/USD order book on Binance.
In summary,
#Bitcoin experienced minimal
#volatility and closed the week below $26,000. Traders were cautious about potential price movements and were closely watching key support levels, including $24,750, as external events influenced market sentiment. The overall direction of BTC remained uncertain at the time of the report.
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