Data from Cointelegraph Markets Pro and TradingView shows that the largest cryptocurrency has been trading in a tight range while still holding $26,000 as support.
The Bitcoin bull camp has seen several retests of the $26,000 level, though it remains intact at the time of writing.
Material Indicators on Binance has presented potential scenarios. With $50 million in bid-ask liquidity in the range from $25,000 to the current spot price and only $6 million at resistance, there’s little chance of a “bearish trend holding.”
Key levels to watch remain at $24,750, the lowest point in mid-June for Bitcoin, which is still a “thin support” for the bulls, as it has been in previous weeks.
While describing the current situation as “not that bad,” well-known trader and analyst Daan Crypto Trades emphasized two main levels that could determine a new BTC price trend.
They appear as the 200-week moving average (MA) at $28,000 and a horizontal support zone around $25,000.
“Until then, we might see price action volatility on lower time frames,” he predicted on September 26.
Financial commentator Tedtalksmacro looks ahead to the rest of 2023 with optimism when it comes to Bitcoin.
He argues, “Bitcoin is entering a seasonally favorable period.”
It’s worth noting that traditionally, October is a profitable month for BTC holders, Tedtalksmacro said 2022 was an exception due to the U.S. standard interest rate.
“However, for BTC, this is uncharted territory,” he continued.
“Before 2022, BTC has never existed in a world with interest rates above 2%… whereas right now, at the end of 2023, the Federal Reserve’s interest rate is over 5% and could stay there longer as central banks worldwide try to curb inflation.”
An accompanying chart shows October as the most successful month for Bitcoin in the past three years, with data from monitoring resource CoinGlass also showing a similar pattern.