Rewrite this content and Write a comprehensive article based on the provided outline. Use the headings (H2 and H3) from the outline to structure the article. Ensure that each section is filled with detailed information, examples, statistics, case studies, or research-based facts to support the content. Consider all aspects and provide in-depth analysis under each heading and subheading.also add 1-2 external links to authoritative website wherever you see fit based on the sources I gave you or Statistics that back up your argument or Definitions of key terms, Use content organization elements like bullets, pros and cons, and tables to present the information clearly, Make sure to make H3 in the article with content the same as the guidelines, also add faq (questions and answers) at the end of the article and ensure a clear, conclusive ending.Bitcoin (BTC) preserved short-term support on Sept. 17 as crypto market sentiment suffered.BTC/USD 1-day chart. Source: TradingView
Bitcoin battles trend lines as trader faith wanes
Data from Cointelegraph Markets Pro and TradingView showed BTC price action reclaiming $58,000 into the Asia trading session.After a broad sell-off at the Wall Street open the day prior, BTC/USD appeared to stabilize as the 21-day moving average (SMA) remained a foundation.“To be clear, losing the 21-Day MA is not good, but IMO, closing above the 50-Week MA is far more important,” Keith Alan, co-founder of trading resource Material Indicators, wrote in part of a warning on X during the US trading session drawdown.At the time of writing, the 21-day and 50-week SMAs stood at $57,858 and $53,945, respectively.BTC/USD 1-hour chart with 21-day, 50-week SMA. Source: TradingViewPopular trader Jelle meanwhile noted that the 50-week exponential moving average (EMA) continued to function as market support in line with the past 20 months of the Bitcoin bull market.“Bull market summer chop has become a regular occurrence,” he told X followers.
“The previous two chopfests both ended with new highs in the third week of October. We’d be about a month away from new all-time highs if this time plays out the same.”
BTC/USD chart. Source: Jelle/XJelle echoed a theory recently put forward by commentators, including crypto trader, analyst and entrepreneur Michaël van de Poppe, who reiterated his belief in a return to BTC price discovery next month.For trader and analyst Josh Rager, however, it was too soon to adopt a clear optimistic stance on BTC price performance.“People keep calling the ‘first higher-low’ on the $BTC chart. But people were saying the same thing in June,” he argued about daily timeframes.
“Then Bitcoin rejected the midline of the trend and formed a new low.”
BTC/USD 1-day chart. Source: Josh Rager/XAn accompanying chart showed a downward-sloping channel in place since March’s latest all-time high, with a regular succession of lower highs and lower lows.“Not saying a new low comes here but calling this the bottom is a bit too early. Price rejected again,” he concluded.
Crypto sentiment takes a fresh hammering
Meandering price action on Bitcoin meanwhile contributed to a fresh dip in the overall crypto market mood.Related: Can Bitcoin price overcome the $60K ‘double breakout’ zone?The latest data from the Crypto Fear & Greed Index recorded a value of 33/100 on Sept. 17 — a dip of 17 points in just two days.Sentiment thus dropped from “neutral” to “fear” after a BTC price drop of little more than 4%.Crypto Fear & Greed Index (screenshot). Source: Alternative.meThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.