Data shows BTC/USD continues to trade flat after Wall Street's first opening of the week, and while no volatility is in sight, traders say it's only a matter of time before things change. Some analysts even believe that short sellers "have run out of time" to prevent the price of BTC from rising.
Trader @52kskew claims that the Bitcoin spot price is “fixed” between two liquidity blocks, at $62,000 on the downside and $65,000 on the upside.
According to another trader, @Tradermayne, whose weekly chart analysis shows a series of lower highs and lower lows since hitting $73,800 in March, he said, “Only now can this trend break "New higher lows", "Each of our moves has been a direct rise to the previous lower highs and then a complete retracement. The main difference between this and the past few attempts is that we are moving out of the underlying higher lows and the bears have There is no time to throw the price down, they have to attack it here or after breaking through the last lower high." He even said bluntly, "The Uptober (meaning the October bull market) is looming, which is really exciting. "
Trader @52kskew further added that holding $62,000 is crucial if bears temporarily take control, and so far, the expected area for bears to actually take action is between $64,000 and $65,000.
Big neck, big size, big move
so far this is the expected area for bears to actually do something ($64K – $65K)
$62K – $61K vital to hold on a pullback– Market demand– intraday uptrend structure https://t.co/K7Izj9Sf1B
— Skew Δ (@52kskew) September 23, 2024
The Bitcoin Puell Multiple indicator showed on September 11 that it hit the key "green" zone for the first time since the end of the bear market in 2022. Data from on-chain analytics platform CryptoQuant also confirms that a rebound may be underway. CryptoQuant writer Darkfost said, “Historically, when the green zone is reached, the price will rise.” Darkfost described the green zone label as a “strong bull reversal signal.”
〈In the tug of war between long and short, who will control the price trend? Can Bitcoin Hold Support at $62,000? 〉This article was first published in "Block Guest".
