Bitcoin (BTC) is still looking for a catalyst to trigger upward price momentum at a period both букачар жана аюулар appear to have an almost equal stake in dictating the flagship cryptocurrency анын баа аракет. Investors are also closely monitoring the asset for a possible price bottom following the sustained sideways trading in the range of $18,500 and $21,400.
Акыркы баа кыймылынын негизинде, Kitco News analysts Jim Wyckoff on October 25 окшогон that although bulls should be credited for stabilizing Bitcoin’s price, they still have a crucial role to play in supporting a price uptrend.
According to the analyst, Bitcoin техникалык indicate a possible price bottom is imminent, and bulls need to take advantage.
“Bulls have stabilized prices recently by moving them into a sideways trading range. There are strong technical support levels that lie just below the market, which suggests a market bottom is in place. However, the bulls need to show fresh power soon to produce a fledgling price uptrend on the daily chart,” Wyckoff said.
Bitcoin техникалык анализ
The possible price bottom for Bitcoin is also highlighted by техникалык анализ that overwhelmingly suggests buying the asset. Notably, a summary of the technicals shows 11 are for buying, 10 are neutral, and only five align with selling the asset.
A breakdown shows the орталамалар at nine in support of buying; one is neutral, while five exhibit bearishness suggesting a ‘sell.’ Oscillators are predominantly neutral at nine, while two are for buy.
Bitcoin’s crucial resistance
Башка жерде, ошондой эле билдирди Финболд тарабынан, крипто соода expert Michaël van de Poppe suggested that the level of $19,500-$19,600 is Bitcoin’s “crucial каршылык көрсөтүү” range. According to Poppe, if the barrier is breached and BTC consolidates, it could spark a possible кыска сыгуу propelling the asset towards $20,700 and potentially $22,400.
It is worth mentioning that Bitcoin’s potential to break out also depends on how the asset reacts to the macroeconomic environment. With Bitcoin trading in tandem with the биржа, investors will observe keenly how the general digital assets market is affected.
However, Bitcoin is exhibiting a level of maturity, recording a drop in volatility. Interestingly, Bitcoin’s rolling volatility for over 20 days has S&P 500 жана Nasdaqдан төмөн түштү indices for the first time since 2018.
Meanwhile, by press time, Bitcoin was trading at $19,600, having recorded gains of almost 2% in the last 24 hours.
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Source: https://finbold.com/focus-turns-to-bitcoin-bulls-amid-a-lingering-price-bottom/