Bitcoin (BTC) hit intraday lows after the Sep. 26 Wall Street open as BTC price behavior shunned major volatility.
Binance traders put up thin BTC price resistance
Bitcoin bulls saw several retests of the $26,000 level as the week got underway, this still holding at the time of writing.
Analyzing the composition on largest global exchange Binance, monitoring resource Material Indicators eyed potential scenarios to come.
With $50 million in bid liquidity between $25,000 and current spot price versus just $6 million in overhead resistance, there was little “holding price down.”
“Watching to see if it replenishes, moves or gets eaten,” part of commentary stated.
Material Indicators reiterated that $24,750 — the sight of Bitcoin’s mid-June low — remained a “line in the sand” for bulls in line with previous weeks.
While describing the current status quo as “not all that bad,” meanwhile, popular trader and analyst Daan Crypto Trades highlighted two key levels, which could determine a new BTC price trend.
These came in the form of the 200-week moving average (MA) at $28,000 and a horizontal support zone around $25,000.
“Until then we’d likely be seeing low timeframe choppy price action,” he predicted to X subscribers on the day.
#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
Zooming out, it was the turn of financial commentator Tedtalksmacro to eye the rest of 2023 with optimism when it came to Bitcoin.
“Bitcoin is entering a period of positive seasonality,” he argued.
Noting that October is traditionally a lucrative month for BTC hodlers, Tedtalksmacro noted that 2022 had marked an exception thanks to United States benchmark interest rates.
“However, for BTC, this is an unprecedented environment,” he continued.
“Prior to 2022, BTC had never existed in a world with rates much higher than 2%… whereas now in late-2023, the Federal Funds rate is above 5% and will likely remain there for much longer while central banks of the world try to keep the lid on inflation.”
An accompanying chart showed October as being on average Bitcoin’s most successful month over the past three years, with data from monitoring resource CoinGlass showing likewise.
As Cointelegraph reported, Bitcoin is tipped for a comeback later in the year as its next block subsidy halving gets closer.
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