Bitcoin found short-term support on Sept. 17 amidst declining crypto market sentiment.
Data from Cointelegraph Markets Pro and TradingView indicated that BTC price action climbed back to $58,000 during the Asia trading session.
Following a broad sell-off at the Wall Street open the previous day, BTC/USD seemed to find stability around the 21-day simple moving average (SMA), which has continued to act as a base.
“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, expressed concern on X during the US session sell-off.
At the time of writing, the 21-day and 50-week SMAs stood at $57,858 and $53,945, respectively.
Popular trader Jelle observed that the 50-week exponential moving average (EMA) remained effective as market support, consistent with the past 20 months of the Bitcoin bull market.
“Bull market summer chop has become a regular occurrence,” he informed his 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.”
Jelle supported a theory also suggested by others, including crypto trader, analyst, and entrepreneur Michaël van de Poppe, who reaffirmed his expectation of BTC price discovery in the following month.
For trader and analyst Josh Rager, the outlook remained uncertain.
“People keep calling the ‘first higher-low’ on the $BTC chart. But people were saying the same thing in June,” he critiqued on daily timeframes.
“Then Bitcoin rejected the midline of the trend and formed a new low.”
An accompanying chart demonstrated a downward-sloping channel since March’s peak, featuring a regular pattern 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.
Meanwhile, fluctuating Bitcoin prices led to a decline in the overall crypto market atmosphere.
The latest reading from the Crypto Fear & Greed Index on Sept. 17 showed a score of 33/100 — a decline of 17 points in just two days.
Sentiment moved from “neutral” to “fear” following a BTC price drop of slightly over 4%.
