Bitcoin [BTC] Price Breaks Support from Bear Pattern, but Holds Bulls above $8500
Bitcoin [BTC] has been primarily ranging between $8500 and $8725 since the violent move on Sunday.
Nevertheless, the price broke below the ascending wedge pattern on a daily scale, which could be a bearish signal. The 50 and 100 Day Moving average is at currently at $7608 and $7975, respectively, will act as levels of support in case of bears.
On a weekly scale, while the Lucid SAR indicator turned bullish last week. However, the bull run has still not been able to flip the MACD and CMF positive. The MACD on a daily scale seems to have topped out as well.
Derivatives and crypto trader, Tone Vays, notes is his latest Trading Bitcoin update that while the weekly is slightly bullish, on a daily scale
All signs are pointing to the top being in.
Furthermore, other traders with a overall bearish bias like TraderXO and Josh Rager, we can expect a short term bounce to $9000. However, the support around $8000-$8200 is critical for swing action. Rager tweeted,
Could potentially see a push up before continuation down and watching the support at $8000 to $8200 for a bounce Break below $7700 would be bearish but not expecting it drop that low at this point in time
However, if Bitcoin breaks above the 200-Day Moving Average at $9015, it is expected to turn most traders bullish. The price of Bitcoin [BTC] at 5: 00 hours UTC is $8665.
Futures Market Update
The funding rate on BitMEX continues to be positive as Bitcoin holds its price above $8500.
However, on Huobi, the traders are inclined short with the open interest in Bitcoin contracts dropping the last 12 hours. On Okex we well, the open interest witnesses a steep drop in the last two days. Nevertheless, majority positions are still in favor of longs at the exchange.
The CME futures market currently has three gaps are pending to be filled. The recent ones is bullish around $8700, while the one logged in August last year is around $11000. Nevertheless, there is also a bearish gap looming around $7700.
Moreover, the on-chain fundamentals and halving are adding to the positive sentiments.
Where do you think the uncertainty will yield? Please share your views with us.
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
