The star crypto, Bitcoin, performed its September monthly candle close around $27,000. With the beginning of the monthly trade, the price triggered a 5% jump beyond the interim resistance in the longer timeframe. The token appears to have been trading under bullish influence until now, but the bearish fractal continues to haunt the BTC price rally.
Presently, the price has been consolidating within the range of $25,000 to $31,000 for more than 200 days. Hence, it awaits an opportunity to trigger a breakout that may lift the price above the bearish influence. In a recent update, the Bitcoin network witnessed a steep rise in difficulty for the second consecutive time since September 19. The jump from 57.11 trillion to 57.32 trillion clearly indicates more mining participation.
Therefore, now that the halving is less than 200 days, the miners appear to have a jump in action, which suggests a huge impact on the price is quite possible in the coming days. Considering the current price action, a popular analyst, Altcoin Sherpa, believes the BTC price may drop back to $27,000, which can be considered a major bounce area.
As per the chart referred to by the analyst, the BTC price is testing crucial resistance at the 25-day EMA. If the trade plays out well, then the price may eventually rebound from the lower support zone. However, it has to be noticed that no supportive buying pressure has been recorded in this range, which may further trigger a fresh bearish case.
The analyst also highlights the formation of the 25, 55, 100, and 200-day EMAs, which have lined up in the 4Hr and the daily chart. This could suggest a potential descending trend that may experience a rebound only after marking an interim low. Therefore, considering the current trade setup, it appears to be a tedious job for the Bitcoin (BTC) price to reach $30,000 this month.
