Bitcoin Price Struggles Amidst Key Resistance and Support Levels
- Bitcoin’s price traded near $79,500 on September 7, after reaching a session high of $80,537.
- The Bitcoin price held above its key daily averages, with the MACD at a bearish level of 3,107.
- Key support is at $79,013, while resistance levels are at $80,537 and $82,108.
- A break below $79,013 could lead to a decline towards the $76,300-$77,000 range.
- 13 out of the daily moving averages show bullish signals for Bitcoin’s broader trend.
Bitcoin’s price action on September 7 highlighted the ongoing battle between bulls and bears as it hovered around critical support and resistance levels. Despite short-term weaknesses indicated by bearish signals like the MACD reading of 3,107, Bitcoin remains above its major daily moving averages.
Maintaining support at $79,013 is crucial for sustaining the uptrend in Bitcoin’s price structure. A sustained move beyond $80,537 might shift momentum back to bulls’ favor. Source
