Bitcoin at Pivotal Support Level as Q3 Gains Hang in Balance
Bitcoin faces a pivotal week ahead as it attempts to hold onto its strongest Q3 performance since 2017. Trading near $82,557 after reaching a weekly close of $84,450 on Sunday, Bitcoin is poised for two key events: the September monthly close and the third-quarter quarterly close.
According to Rekt Capital, failure to defend the $82,500 support level could send Bitcoin back into a range between $60,000 and $80,000. This warning comes as markets price in a 70.3% probability of a 0.25% Federal Reserve rate hike in October.
Wednesday's dual closes will be closely watched, especially since they occur near widely tracked technical price areas. Above the current spot price, resistance zones stand out at $88,700 and $86,000, while on the downside, key levels include $80,500 and $76,700.