Price analysis 9/25: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, TON, SOL

cointelegraph.com:

Bitcoin’s (BTC) weakness on Sep. 24 shows that the bears remain in control. Sellers are trying to pull the price below $26,000 but the bulls are likely to defend the level with vigor. Buyers are trying to achieve a positive monthly close for Bitcoin in September for the first time since 2016.

If they can pull it off, it will be a major sentiment booster as October generally favors the buyers. According to CoinGlass data, Bitcoin has seen a negative monthly close in October only on two occasions, in 2014 and 2018. However, Bitcoin bulls will find it difficult to maintain the momentum if macroeconomic headwinds persist.

Another risk to the cryptocurrency recovery may come from the strength in the greenback, which has risen for ten straight weeks, its longest winning streak since 2014. The United States dollar index (DXY) has also formed a golden cross, indicating further potential upside in the near term.

Will the U.S. dollar extend its gains or witness a short-term correction? Can Bitcoin bulls hold off the bear pressure in the last week of September? Let’s analyze the charts to find out.

The S&P 500 Index turned down sharply from the downtrend line and broke below the moving averages on Sep. 15. This started a downward move, which has reached the crucial support at 4,325.

The 20-day exponential moving average (4,422) has started to turn down and the relative strength index (RSI) is near the oversold territory, indicating that bears have the edge. If the price maintains below 4,325, the index will complete a bearish head and shoulders (H&S) pattern. This negative setup has a target objective of 4,043.

If bulls want to prevent the fall, they will have to quickly drive the price above the 20-day EMA. That could attract further