Bitcoin (BTC) experienced a lack of major volatility as it hit intraday lows after the Wall Street open on September 26. Despite this, the cryptocurrency maintained its support level of $26,000. Traders on Binance showed minimal resistance to the BTC price, with bid liquidity of $50 million compared to just $6 million in overhead resistance. Material Indicators, a monitoring resource, monitored the situation and speculated on potential scenarios based on the data.
Bitcoin bulls witnessed several retests of the $26,000 level at the beginning of the week, which had not been breached at the time of writing. The $24,750 level, which marked Bitcoin’s mid-June low, remained a critical threshold for bull investors. The composition of Binance’s order book and the liquidity figures indicated that there was little holding the price down and Material Indicators kept a close eye on whether the liquidity would replenish, move, or be exhausted.
Daan Crypto Trades, a popular trader and analyst, identified two key levels that could determine Bitcoin’s price trend. These levels included the 200-week moving average (MA) at $28,000 and a horizontal support zone around $25,000. Daan Crypto Trades predicted that until these levels were broken, the price action would likely remain choppy in the short term.
Looking ahead, financial commentator Tedtalksmacro expressed optimism about Bitcoin’s performance for the rest of 2023. He argued that Bitcoin was entering a period of positive seasonality, noting that October traditionally brought lucrative opportunities for BTC hodlers. However, he highlighted that 2022 was an exception due to higher United States benchmark interest rates. Tedtalksmacro emphasized the unprecedented environment for BTC, with rates now above 5% and central banks trying to manage inflation.
Accompanying data from monitoring resource CoinGlass showed that October has historically been the most successful month for Bitcoin over the past three years. CoinGlass’s data supported Tedtalksmacro’s argument about positive seasonality. As Cointelegraph previously reported, Bitcoin is expected to make a comeback later in the year as it approaches its next block subsidy halving.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.
In conclusion, Bitcoin displayed limited volatility and maintained its support level of $26,000. Traders on Binance showed minimal resistance to the BTC price, and key levels such as the 200-week moving average and a horizontal support zone were identified as important factors for determining the price trend. Looking ahead, there is optimism about Bitcoin’s performance for the rest of 2023, with October historically being a lucrative month for BTC hodlers.