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Bitcoin Price Is Sitting On Gunpowder, Will It Explode?

  • BTC price has broken below a major resistance as the price is refusing below the daily EMA.
  • BTC’s monthly candlestick closes with so many mixed feelings heading into October.
  • BTC price must finish above $21,500 to renew bullish sentiment.

Bitcoin (BTC) price action continues to plague trader and investor sentiment as it moves in an indecisive and uncertain manner. Traders continue to speculate about what Bitcoin (BTC) will hold this new October. Coin (BTC) price movements have stalled most of the traders. (Data from Binance)

Bitcoin (BTC) price analysis on the weekly chart

Weekly BTC Price Chart | Source: BTCUSDT on Tradingview.com

The price was rejected around $19,500 as it struggled to break above $19,500 despite showing a false move of rebound prior to the monthly close.

BTC price returned to the $18,700 territory, but as the price climbed to $19,300, it quickly bounced out of this territory but faced resistance to surpassing it. With the price trading at critical levels, BTC needs to sustain above $20,500 to resume bullish sentiment.

BTC price needs to trade out of this $19,000 area.

Ahead of the weekly close, BTC’s price should close above $19,500 as a small haven. A break below this range indicates an increased upside risk.

Weekly resistance to BTC price – $19,500.

Weekly support for BTC price – $18,100.

BTC price analysis on daily (1D) chart

Daily BTC Price Chart | Source: BTCUSDT on Tradingview.com

On the daily timeframe, BTC price remains below the key resistance as it tries to break out of the higher levels and the price has been rejected several times.

BTC price has risen from a low of $18,700 and is about to cross the daily price range of $20,500, but is facing rejection as the price trades between $18,800 and $19,500. increase.

BTC price is trading at $19,100, below the 50 and 200 exponential moving averages (EMAs). The $20,400 and $27,000 prices correspond to BTC’s 50 and 200 EMA prices on the daily timeframe.

As many traders and investors anticipate a green October, a breakout and close of $20,500 will drive BTC price into the $24,000+ region assuming bullish sentiment in October. may rise.

BTC price daily resistance – $20,500.

Daily support for BTC price – $18,100.

Featured Image From zipmex, Charts From Tradingview 

Bitcoin Price Is Sitting On Gunpowder, Will It Explode?

Source link Bitcoin Price Is Sitting On Gunpowder, Will It Explode?

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