Bitcoin traders pinpoint support levels as BTC price taps $26.2K
Bitcoin (BTC) recovered its weekly close losses on Aug. 28 as risk assets rose on China tax cuts.
Data from Cointelegraph Markets Pro and TradingView followed a BTC price uptick into the day’s Wall Street open.
BTC/USD managed $26,226, marking its highest levels since Aug. 25 and fully compensating for weakness seen overnight.
News that China had cut tax on stock trading by 50% appeared to buoy U.S. futures into the open. The S&P 500 and Nasdaq Composite Index subsequently opened up 0.6% and 0.7%, respectively.
$BTC still in a 3 day composite but has shown signs of absorption below. I wish it was liquid enough like the ES or NQ to simply justify saying "Hold 26.1 and those singles at 26275 get cleaned up"
Strong drive off the open for stocks.
It's Monday, so not looking to do anything… pic.twitter.com/6ObqBLIx5z
Eyeing the trading landscape for the coming week, Michaël van de Poppe, founder and CEO of trading firm Eight, flagged the 200-week exponential moving average (EMA) at around $25,700 as a key support zone to protect.
“First of all, the 200-Week EMA lies beneath us. It's at $25,650 (Bitstamp) or $24,750 (Binance). The conclusion is, you don't want to drop beneath that level and you'd preferably want to mimic 2015-2016 sideways period,” he wrote in part of an X post.
Van de Poppe continued that order book liquidity “most likely” resided below the 200 EMA.
“In that regard, a sweep of that area is the most likely outcome,” he wrote.
Popular trader Titan of Crypto meanwhile highlighted $25,900 as a prominent zone of interest.
“$25,900 is the level to watch,” he summarized in part of X analysis.
#Bitcoin $25,900 is the level to watch
Kijun at $25.9k supported the #BTC price once more on the weekly timeframe. That's the level to
