Flip or rejection – The price of Bitcoin (BTC) ended September and the third quarter of this year, avoiding a drop below the June lows, which are also the floor price of this cycle for the moment. Hopes for a strong bullish rebound now rest on a classic “Uptober” and the final quarter as the macro situation could seriously hamper the bull run this time around. In the very short term, the price of Bitcoin must cross a major resistance zone, in order to be able to claim $20,000.
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A ceiling to burst for the price of Bitcoin
Bitcoin price rises to $19,657 on Bitfinex today, October 3, 2022. Cryptocurrency is trading at $19,564 at the time of writing this article. Its price is currently registering a daily gain of 1.54%.
On a daily basis, the area around the $19,400 – $19,600 appears to have acted as resistance to the price of Bitcoin since September 19, 2022. The bulls have come up against it four times since that date, yet failed to cause Bitcoin to close above it.
The data shared by Material Indicators also show that the key levels in the very short term are currently located in this area.
The platform shared a chart, which highlights Bitcoin trading below the 2017 high for about two weeks, and a 21-day moving average that appears to be behaving “like a ceiling.”
This average is currently above $19,400. Material Indicators believes that Bitcoin must be able to retest this level – and overcome it — for a “chance to win back” the $20,000.
Material Indicators also shared a chart from Binance’s order books, which shows that buyers are currently concentrated around $19,150, and sellers at around $19,500.
Bitcoin plays on investors’ nerves by trading for several days below $20,000. Uncertainty could continue to hang over risky asset markets, with the US Federal Reserve continuing to play the strong dollar game for now.
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