After declining prices over the weekend, Bitcoin could be witnessing lower selling pressures, which could positively impact trading indicators for crypto.
Crypto prices have been broadly static for days. Even though Bitcoin has shot up at times, sentiments have been neutral overall. But trading indicators for crypto could be looking forward to a boost this week from global development.
The G20’s international crypto framework could be a milestone for the crypto industry, leading to a foundation for long-term crypto adoption.
The crypto market hasn’t reacted immediately to the news, though. Most tokens are trading flat, influenced by Bitcoin’s dip. The immediate resistance for BTC at $26000 is proving to be a hurdle. If bulls are able to see consolidation for BTC above $26500, they could provide more support.
Moreover, if Bitcoin moves beyond the level of its 20-day moving average, it could see another round of an upward trend. That could pull it up to $28000. Analysts are divided over Bitcoin’s rise. A few believe the static movements could continue. Others are positive for a crypto rally within 2023 if macroeconomic indicators like interest rates and inflation are favorable.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25700 on September 11, 2023, with BTC/USD trading lower by 0.2% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (26,505.16) as BTC’s 24-hour volume increased to around $8 billion. Bitcoin has seen around 55.95% returns on a year-to-date basis.