Investing in Web 3.0: All You Need to Know About Bitcoin Chart Highlights

Despite traders’ overly bearish sentiment, Bitcoin (BTC) remained under $26,000 at the close of the week on Sep. 3.

BTC price weekly close puts $25,900 in focus

Cointelegraph Markets Pro and TradingView data showed that BTC price stayed within a $200 range over the weekend, with no major fluctuations.

This behavior was reminiscent of the August monthly close, with last week’s two volatility events involving Grayscale and US regulators having already been erased from the charts.

Traders were analyzing the possible implications of various weekly close levels. “In terms of market structure, yet to see a candle body close below June HL or $25.9K,” popular trader Skew wrote in an X thread.

The main point of focus is the $25,900 level, since if it is not reclaimed this week, it could lead to a move lower towards the previous 1W resistance of about $24.3K.

In the event of a bearish scenario, the price may fall below $20,000. On the other hand, a bullish revival, involving reclaiming $26,000 and a Q4 higher low, is less likely, according to Skew.

Threat of a Bitcoin “bearadise” still looms

Keith Alan, co-founder of analytics platform Material Indicators, warned against making definitive statements about Bitcoin’s bullish or bearish nature last week. The market had seen a surge in volatility, with Grayscale’s legal win against the Securities and Exchange Commission (SEC) followed by the latter’s delay in deciding on the first U.S. Bitcoin ETFs.

In spite of this, Alan argued that Bitcoin’s underlying market structure remained unchanged. He wrote in a post on Sep. 2, “On the the first day of the September Monthly candle volatility continues as traders who seem to have forgotten ‘the trend is your friend’ are clinging on to hope and debating narratives that fit their ai bias ratings.”

The analyst added that the $24,750 mark was the key support level to watch out for, and that a bearish “bearadise” could ensue should it fail. This was reflected in the BTC/USD order book on Binance, which displayed a high level of buy liquidity just below the $24,750 mark.