After making a false move up, Bitcoin (BTC) is demonstrating a certain level of weakness, and more pain could be in store for the flagship decentralized finance (DeFi) asset this week unless a couple of developments take place that could help change its course.
Specifically, the stock market index (SPX) has started to fill the gap, and the United States dollar index (DXY) is printing for a potential deviation while Bitcoin dropped to the $26,100 liquidation, as observed by the cryptocurrency market analyst CrypNuevo in an X post sharedon September 26.
What happens now?
According to the pseudonymous crypto industry expert, at this point, the “SPX needs to hold that gap zone, it can’t break any lower,” whereas the “DXY needs to start cooling off and try to retest that previous resistance as a potential support” for Bitcoin to recover.
Indeed, if the two above highly relevant developments come to pass, the maiden cryptocurrency could gain the chance to complete “the last part of the projection this week” and continue upwards, as the crypto trading specialist concluded in the assessment.
Bitcoin price analysis
At press time, Bitcoin was changing hands at the price of $26,240, recording a decline of 0.14% in the last 24 hours, as well as losing 3.22% to its value across the previous seven days while still holding onto the 1.27% gain on its monthly chart, as per data on September 27.
Meanwhile, renowned crypto expert Michaël van de Poppe has noted that Bitcoin needed to test the $25,700 – $26,000 level “for any long positions.” That is, unless it managed to break the crucial area between $26,500 and $27,875, as he explained in a September 26 video analysis.
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