Bitcoin on October 4, 2022 – Rising Averages
above average – The Bitcoin (BTC) price resumes the $20,000 and must already defend these levels to avoid a relapse in the next few days.
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Bitcoin price above $20,000
The price of bitcoin is currently trading at $20,233 on Bitfinex. It recorded a daily gain of 3.59%.
The price of Bitcoin broke its September 13, 2022 closing level around $20,180, after hitting a high above $22,700 that day.
While Bitcoin has just regained $20,000, the trader Il Capo Of Crypto alert already markets the existence of a sell zone at $20,500 – $21,000. He estimates that “if price hits this zone, which it should, don’t be too optimistic”.
To arrive at these $20,500, the Bitcoin price must already be able to defend the $20,140 and the $20,240 which correspond approximately and respectively to the 50-day exponential and simple moving averages.
A decline for a year for the price of Bitcoin
Is Bitcoin strong enough on a daily basis or will the current rise above $20,000 be short-lived. Should we then soon expect a return of the cryptocurrency below this level?
On a longer timescale, the trader Rekt Capital shared a Bitcoin price chart on a weekly basis, which highlights the downtrend of cryptocurrency “nearly a year on the weekly schedule”.
Rekt Capital also shared a chart that shows the growing Bitcoin price compression over the period, for several weeks. The price of the cryptocurrency is approaching a top and therefore an exit from this triangle. Rekt Capital points out that this compression “precedes volatility”.
In view of the graph, the markets could therefore soon witness larger decreases or increases on a weekly basisduring the month of October.
October therefore seems to be on track for its revenge for the moment, but the macroeconomic context could quickly put an end to this bullish momentum in the price of Bitcoin.
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