The $2600 pivot zone has been on the radars of many traders over the course of July. This area was used multiple times as resistance in the last week of July. And on July 30, when the BTC/USD rate descended from $2759 to $2575, the zone around the $2600 price level turned into support, halting the downtrend and causing price to reverse its bearish course:
Given the prior history of this area, I consider $2600 to be a key psychological level for many market participants. If the BTC/USD exchange rate descends to $2600 over the next 24h, I would expect to at least see buyers stepping in to absorb some of the incoming supply.
On the other hand, if this area doesn't hold up due to an overwhelming influx of sellers, we could easily see a sell-off all the way down $2400 - the next big support area.
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Original article by @Techwizardry, follow me for the latest crypto technical analysis and market news!
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