Bitcoin October 6, 2022 – Old Demons

Same ceiling – The price of Bitcoin (BTC) continues to hold above $20,000, but remains stuck below resistance that prevents it from continuing its ascent to $21,000.

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An old resistance still active for the price of Bitcoin?

Bitcoin price rises to $20,444 on Bitfinex today, October 6, 2022. Cryptocurrency is trading at $20,049 at the time of writing this article. The markets are currently entitled to a doji.

Bitcoin price fails to cross this $20,300 – $20,500 area since he recently won back the $20,000. He had been encountering this same difficulty since September 14, the day after the fall which had brought the price of Bitcoin from $22,000 and above, to around $20,000.

Bitcoin had also faced this resistance zone from August 27 to September 6. When it subsequently managed to cross it on September 9, the price of Bitcoin began its ascent to $22,000 and above, until September 13.

The confirmation of the whales: at two major resistances of $22,000

Based on this historical data, Bitcoin therefore seems to be facing the same obstacle again. Is $22,000 within reach for the bulls if they manage to break through that $20,300-$20,500 zone?

Data from Whalemap confirms the existence of whale-formed resistance at $20,380. If the price of Bitcoin manages to break it, the next major obstacle would be around $21,543.

Publication of Whalemap – Source: Twitter

Realized price of Bitcoin: a bottom at levels near $10,000

Whalemap analysts also provide data that predicts the eventual bottom of this cycle, based on the realized price of Bitcoin.

Historical data shows that the cryptocurrency has never fallen below the realized price of bitcoins held by whales, whose wallets contain between 10 BTC and 100 BTC. This eventual floor is currently at $12,480.

BTC USD: bottom based on realized whale bitcoin price
Publication of Whalemap – Source: Twitter

Bitcoin is holding up against bear pressure, while struggling to break through an old resistance zone. Will the next attack be the right one or should the markets expect rejection and a return below $20,000?

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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