Bitcoin hit intraday lows amid a calm trend. Price support and resistance lines in the sand are crystallizing amidst a new period of lower volatility for Bitcoin. Analysts point out critical levels for BTC.
Binance traders create thin Bitcoin price resistance
Latest data shows that the leading crypto is moving in a narrow range. It also reveals that BTC is holding $26,000 as support. Bitcoin bulls saw the $26,000 level retested several times as the week began. However, at the time of writing, the bulls were still holding this level.
Tracking resource Material Indicators analyzes the composition on Binance, the largest global exchange. In this regard, it takes a look at potential future scenarios. With overhead resistance of just $6 million versus $50 million of bid liquidity between $25,000 and the current spot price, there is little “preventing the Bitcoin price from sliding lower.” “We are watching to see if it will renew, move or be eaten,” the analysis source comments. Material Indicators note that Bitcoin’s mid-June low of $24,750 remains a “line in the sand” for bulls, in line with previous weeks.
Two critical key levels for BTC price trend!
Meanwhile, popular trader and analyst Daan Crypto Trades describes the current status quo as “not that bad.” In this context, it highlights two key levels that have the potential to determine a new Bitcoin price trend. These are the 200-week moving average (MA) at $28,000 and a horizontal support zone at $25,000. “Until then, we will likely see choppy price movements on the lower time frame,” says Daan.
#Bitcoin Zooming out it’s not all that bad.
But I doubt we’d see any meaningful trend form until either:
1. Weekly 200MA (~$28K) is broken.
2. Horizontal Support (~$25K) is broken.Until then we’d likely be seeing low timeframe choppy price action. pic.twitter.com/eSgf2LgzKu
— Daan Crypto Trades (@DaanCrypto) September 25, 2023
Bitcoin enters “positive seasonality” phase
It was financial commentator Tedtalksmacro’s turn to look optimistically towards the rest of 2023 when it comes to Bitcoin. According to the analyst, Bitcoin is entering a period of positive seasonality. Additionally, the analyst notes that October is traditionally a profitable month for BTC hodlers. Tedtalksmacro notes that 2022 marks an exception thanks to US benchmark interest rates. In this context, the analyst makes the following statement:
However, this is an unprecedented environment for BTC. Before 2022, BTC had never existed in a world with rates much higher than 2%… Yet now, in late 2023, the Federal Funds rate is above 5% and will likely remain there for longer as the world’s central banks try to keep inflation in check .
The accompanying chart shows that October has been Bitcoin’s most successful month on average over the last three years. Moreover, data from tracking resource CoinGlass also shows the same. cryptokoin.comAs you follow from , analysts predict that the Bitcoin price will make a comeback later in the year as the halving event approaches.
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