Crypto analysis: BTC technical analysis, looking for short time gain

 According to Bitcoin mining operation Riot, the Electric Reliability Council of Texas, a state entity that manages the grid, paid them $31.7 million in energy credits to power down its computers during peak demand in August.

On September 8, 2023, Bitcoin price rose above $26,000, boosted by Ark Invest's Ether ETF application and Grayscale's continued efforts for its potential Bitcoin ETF. On September 7, 2023, Bitcoin price fell 4.91% to $25,957. This was the largest single-day decline for Bitcoin since June 13, 2022. 

Overall, Bitcoin price has been volatile in recent weeks, but it has generally been trending upwards and sudden fall down. This is due to a number of factors, including the continued growth of the cryptocurrency market, the increasing adoption of Bitcoin by institutional investors, and the launch of new Bitcoin-related products and services. Grayscale, the world's largest cryptocurrency asset manager, has filed a lawsuit against the US Securities and Exchange Commission (SEC) for rejecting its application to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. El Salvador, the first country to adopt Bitcoin as legal tender, has announced plans to build a Bitcoin city in the eastern part of the country. The Bank of England has warned that cryptocurrencies could pose a risk to financial stability. The European Union is considering a ban on the use of proof-of-work cryptocurrencies, such as Bitcoin, due to their environmental impact. Texas Allocates $31.7 Million to Riot to Cease Bitcoin Mining Amid Energy Concerns.

BTC technical analysis:

BTC price changed observed between $25900-$25752. At the time of writing the price of BTC was $25848. Last 24 hr. price range was observed most likely to stable below $26k zone. Price change ratio observed  0.52 % to upper side and 0.96% to down side from the current price. Actually the price is now in stable mode. The market sentiment like pivotal technical indicators (RSI) and (MACD) we could predict that little bit bullish for short term momentum so the initial support would be $25400 level, and price could make upside swing to make 1% gain and could reach $26040 zone if further gains arrive price could reach $26429 with a possibility of 2.08% gain.